In a strategic push towards the future of finance, Hana Financial Group, one of South Korea’s leading financial conglomerates, has joined forces with Standard Chartered Group, a major UK-based global bank. On March 15, the two institutions signed a memorandum of understanding (MOU) aiming to deepen their cooperation in global finance and the burgeoning realm of crypto assets.
As traditional financial institutions scramble to maintain relevance in the evolving landscape of digital currency, this collaboration positions both banks at the forefront of innovation. By uniting their strengths, Hana and Standard Chartered plan to explore opportunities around stablecoins and other digital assets, envisioning these as pivotal elements in a new growth strategy alongside their existing international banking operations.
A Transformative MOU
The signing ceremony took place on March 13 at Hana Bank’s headquarters, where key figures including Ham Young-joo, Chairman of Hana Financial Group, and Bill Winters, CEO of Standard Chartered, gathered to mark this crucial partnership. Reports reveal that the two executives discussed the collaborative potential in global and digital assets, with Chairman Ham sharing the vision for future synergies between the two financial powerhouses.
“The partnership between Hana Financial Group and Standard Chartered Group, leveraging their extensive global networks and diverse financial expertise, will create a competitive edge in the global financial sector. Our aim is to generate new growth opportunities through synergies in the financial landscape, particularly in digital assets,” said Ham.
Winters echoed these sentiments, underscoring the significance of South Korea as a vital hub for financial activities in Asia.
The MOU outlines plans to engage in stablecoin initiatives, including experiments with deposit tokens and future tokenized instruments, perfectly aligning with Hana’s aspirations for domestic stablecoins. In his New Year’s address, Chairman Ham positioned stablecoins as a core future business, aiming to develop an ecosystem for the issuance, distribution, and circulation of won-denominated stable coins.
This strategic alignment follows Hana Bank’s previous efforts, including the establishment of BitGo Korea in 2024, a venture with SK Telecom to develop institutional crypto custody services. By the following year, Hana Bank reported an impressive net profit of ₩4 trillion, signaling its robust performance and forward-thinking approach.
Standard Chartered is already recognized for its growing presence in the crypto landscape, offering institutional custody services and conducting pilots involving tokenized bonds and other blockchain-based financial products. The bank has actively invested in various stablecoin projects across markets, including Hong Kong, further solidifying its commitment to the digital asset sector.
Notably, this collaboration is not Standard Chartered’s first engagement with Hana. In December 2025, the UK bank facilitated Hana Securities’ debut into the digital assets space, showcasing a shared commitment to innovation.
Innovating in a Crypto-centered World
As South Korea’s major banks increasingly focus on establishing compliant frameworks for stablecoins, tokenized notes, and other digital securities, this partnership stands as a testament to the ongoing efforts of traditional financial institutions to adapt to a rapidly changing financial environment. Rather than simply chasing speculative retail markets, these banks are strategically positioning themselves to attract corporate and structured finance into the crypto domain.
This partnership marks a significant milestone in the ongoing evolution of finance, exemplifying how legacy institutions are not only embracing the digital asset revolution but actively shaping its future.
Cover image from Perplexity, BTCUSD chart from Tradingview.
