Plume has signed a memorandum of understanding with Shinhan Asset Management to conduct a proof of concept for a tokenized fund denominated in South Korean won and backed by KRW ultra-short-term bonds, according to an announcement today.
The project will test the technical and regulatory infrastructure required to bring tokenized fixed-income products onchain in a major Asian market. Shinhan Asset Management is among South Korea's largest asset managers; the two firms will structure the test in an isolated environment in a third jurisdiction, with contractual and technical controls preventing access by Korean residents.
Tokenized funds have drawn interest from traditional asset managers seeking to explore blockchain settlement and custody for regulated instruments. Plume is a blockchain platform focused on real-world asset tokenization. Shinhan Asset Management manages trillions of won across equities, bonds, derivatives and alternative strategies.
The proof of concept will not involve actual issuance or distribution of the tokenized fund. Instead, it will operate as a technical and legal sandbox to validate whether the infrastructure can meet both blockchain requirements and South Korea's existing financial regulations for asset management products.
South Korea has maintained strict rules governing the tokenization of financial products. South Korean institutions have begun exploring blockchain rails for domestic instruments, though regulatory hurdles have delayed broad deployment. The two parties are conducting this test in a third jurisdiction.
No timeline for the completion of the proof of concept has been disclosed. The announcement does not include details on potential commercialization or whether Shinhan plans to offer tokenized products to retail or institutional clients if the test succeeds.
