The Blockchain Breakthrough in Trading
In an exciting twist for the financial landscape, South Korea’s Koscom is gearing up to develop a cutting-edge platform powered by blockchain for trading unlisted securities. This marks a significant shift in the way unlisted shares are handled, introducing a wave of technological innovation.
Timeline: The 2019 Blockchain Initiative
Scheduled for launch in the second half of 2019, Koscom’s new platform stems from the collaborative efforts of various stakeholders in the industry. This initiative, as reported by local newspaper The Chosun Ilbo, is under the auspices of the South Korean Ministry of Finance and backed by the renowned Korea Exchange.
Who’s Involved?
Six key players in the South Korean financial ecosystem are banding together for this groundbreaking project. The partners include:
- Koscom
- KEB Hana Bank
- Hana Financial Investment
- Daejeon Technopark
- Amicus Lex
- A local association of accelerators
KEB Hana Bank and Hana Financial Investment, being major subsidiaries within Hana Financial Group, are set to play pivotal roles in enhancing the platform’s financial services.
Boosting Small and Medium Enterprises
The primary aim of this initiative is to empower small- and medium-sized venture companies by providing them with a streamlined, secure, and cost-efficient platform for trading unlisted securities. By making trading more accessible, the project will foster growth and innovation within the venture capital space.
Previously Launched Innovations
Koscom isn’t just sitting back and waiting to unveil this initiative. They gained approval in May 2019 to develop trading services for unlisted securities, showcasing their commitment to enhancing financial technology. Moreover, they are also involved in another promising project: a blockchain-enabled mobile identification system launched alongside tech powerhouses like Samsung Electronics and Woori Bank, indicative of their forward-thinking approach.
Conclusion: A Future Reimagined
The advent of a blockchain-based trading platform for unlisted securities not only signifies progress for Koscom and its partners but also represents a seismic shift in how venture companies will navigate the world of finance. As the platform gears up for launch, the financial community awaits with bated breath, eager to see how this innovation will redefine the landscape.
