SBI Digital Markets, the cryptocurrency arm of SBI Holdings, is expanding its presence in South Korea with the help of a former Bank of Korea official. Jai Yung Byun has been appointed as a principal consultant to assist in the firm’s expansion efforts in the country. CEO Winston Quek expressed his confidence in Byun’s abilities, stating that his extensive experience and knowledge of the Korean market will be extremely valuable.
Byun has a background in various roles at the Bank of Korea, including head of international policy planning and chief representative at the bank’s Washington D.C. office. In addition to aiding in SBI Digital Market’s expansion in South Korea, Byun will also provide guidance on business development and regulatory strategies. He will also focus on enhancing the firm’s governance and compliance standards.
Having already advised SBI Digital Markets since 2023, Byun’s expertise has proven crucial in navigating the complex Korean market and building relationships with financial institutions. SBI Holdings, a Japanese financial conglomerate, has established a strong presence in the cryptocurrency industry and is a partner of Ripple, a blockchain payments company.
Recently, SBI ventured into security token offerings (STO) in partnership with South Korea’s Kyobo Life Insurance Group. The company also collaborated with Circle to introduce USDC stablecoin in Japan and announced plans for ‘SBI Middle East’ to support Japanese digital asset startups entering the Saudi Arabian market. Additionally, SBI partnered with sports blockchain provider Chiliz to enter the sports fan token market.
This strategic move by SBI Digital Markets demonstrates the company’s commitment to expanding its operations in South Korea and leveraging Byun’s expertise to navigate the regulatory landscape and establish strong relationships in the region. With the support of a seasoned professional like Byun, SBI is well-positioned to capitalize on the growing cryptocurrency market in South Korea and strengthen its position as a key player in the industry.