Crypto Push In Korea: Hana Financial And Standard Chartered Unveil New Deal

bitcoinistPublished on 2026-03-16Last updated on 2026-03-16

Abstract

One of South Korea's largest financial groups, Hana Financial, has partnered with UK-based Standard Chartered to strengthen cooperation in global finance and crypto assets. The two institutions signed a memorandum of understanding (MOU) on March 15, aiming to develop stablecoins and digital assets as new growth drivers alongside their traditional banking operations. The agreement covers areas including stablecoins, deposit tokens, and tokenized financial instruments. Hana’s Chairman, Ham Young-joo, emphasized the importance of building a comprehensive ecosystem for won-denominated stablecoins, from issuance to circulation. Standard Chartered’s CEO, Bill Winters highlighted South Korea’s key role in Asian financial markets. This partnership reflects a broader trend among major Korean banks to develop regulated digital asset infrastructure—such as stablecoins and tokenized bonds—rather than focusing on retail crypto speculation. Both institutions have prior experience in the digital asset space, with Hana having established a crypto custody venture and Standard Chartered actively involved in tokenization projects and stablecoin initiatives in Asia.

One of the largest South Korean financial conglomerates has partenerd up with a major UK-based global bank to deepen cooperation in global finance and crypto assets.

A Transnational Crypto Deal

Incumbents are keen not to be left behind on the crypto curve, so much so that some of them are now joining forces. That seems to be the case for Hana Financial Group and Standard Chartered Group as on March 15^th they announced the signing of a MOU (memorandum of understanding). By teaming up, the two lenders aim to turn stablecoins and other digital assets into a new growth engine alongside their existing international banking business.

Chairman Ham of Han Financial Group and Bill Winters, CEO of Standard Chartered Group, at the signing ceremony in Seoul. Source: Seoul Economic Daily.

According to The Korea Times, the signing ceremony took place at Hana’s Bank’s headquarters on March 13^th. It was attended by Ham Young-joo, Chairman of Hana Financial Group, and Bill Winters, CEO of Standard Chartered Group. Seoul Economic Daily reports that Ham and Winters exchanged views on cooperation in global and digital assets. Chairman Ham stated that:

The partnership between Hana Financial Group and Standard Chartered Group, leveraging their extensive global networks and diverse financial know-how, will serve as a strong competitive edge in the global financial sector. We will create new growth opportunities by generating synergies in future financial domains, including digital assets.

Winters emphasized on the capital importance that South Korea has in Asian financial markets, regarding the country as a “key hub”.

Shared Goals

The MOU covers stablecoins, deposit-token experiments, and future tokenized instruments, tying in Hana’s domestic stablecoin plans and pilots.

The Seoul Economic Daily contextualizes this move with Chairman Ham views of stablecoins as “core future business”. His goal with Hana Financial points to the building of an “ecosystem encompassing the issuance, distribution, use and circulation of (won-denominated stable) coins”, as he stated in his New Year’s address in January. In 2024, Hana Bank, BitGo, and SK Telecom set up BitGo Korea as the local arm focused on institutional crypto custody. In 2025, the Korean lender had an all-time high net profit of ₩4 trillion.

Chairman Ham and Bill Winters at Hana’s Bank’s headquarters, Source: Seoul Economic Daily.

Standard Chartered already has a growing crypto footprint, from institutional custody services to pilots with tokenized bonds and other blockchain-based assets. The bank has also backed several stablecoin ventures in markets like Hong Kong.

This is not the first time Hana Bank and Standard Chartered team up. In December 2025, the UK-based global bank announced that it was facilitating Hana Securities first venture with digital assets.

A Crypto Race

Instead of chasing pure spot exposure, the South Korea’s big banks are now racing to build compliant rails around stablecoins, tokenized notes, and digital bonds that can plug directly into the regulated financial system, nudging the market away from retail speculation toward more structured corporate and banking participation.

This new deal marks another milestone in the latest wave of efforts by TradFi institutions to keep up with a rapidly evolving digital financial system.

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