Shinhan and Solana Launch KRW Tokenized Fund Pilot With KYC/AML Testing
Shinhan Asset Management has signed a four-party memorandum of understanding with the Solana Foundation, Etherfuse and Orca to test the issuance and distribution of a Korean won-denominated tokenized fund.
The proof of concept, announced on August 21, 2026, is intended to examine the full operating model for a tokenized fund before South Korea’s security-token framework takes effect. Shinhan’s proposed structure is modeled in part on BlackRock’s BUIDL approach: overseas institutional investors would purchase a KRW ultra-short-term bond fund managed by Shinhan, with the resulting holdings represented in tokenized form.
Compliance is part of the pilot rather than an afterthought. The participants plan to test know-your-customer and anti-money laundering frameworks against domestic and international requirements, together with security audits, blockchain operations, foreign-exchange and regulatory compliance, and on-chain liquidity design.
Under the project structure, Shinhan brings asset-management and regulatory expertise, while Etherfuse provides tokenization infrastructure and Orca contributes on-chain liquidity capabilities. The project remains a proof of concept; no public launch date for the fund has been announced.
The initiative comes as South Korea prepares for a broader security-token regime. Amendments establishing a legal framework for security token offerings were passed earlier in 2026 and are expected to take effect in February 2027.
Shinhan Asset Management reported about KRW 133.6 trillion, or roughly US$96.6 billion, in assets under management as of August 2026. The pilot is another sign that institutional tokenization projects are moving beyond issuance technology alone and increasingly treating KYC, AML and cross-border compliance as core parts of product design.
