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Shinhan Asset Management has signed an agreement with Plume Network to test a won-denominated tokenized investment fund using one of the Korean manager’s ultra-short-term bond funds as the underlying asset.
The August 14 project is a proof of concept rather than a commercial launch. No tokens will be issued or distributed to investors, and the test will use an isolated offshore structure designed to block South Korean residents through contractual and technical controls.
Pilot Will Test Full Tokenized Fund Issuance Process
Shinhan and Plume plan to simulate the issuance and distribution process for a tokenized fund in an offshore market. The underlying asset will be Shinhan’s won-denominated ultra-short-term bond fund.
The companies will benchmark BlackRock’s BUIDL tokenized fund model while applying the structure to won-based assets. BlackRock has not been announced as a participant in the project.
Plume will provide blockchain infrastructure for testing how the fund could operate on-chain. The companies have not disclosed a token contract, issuance amount, investor allocation or timetable for a commercial launch.
Whitelists, KYC and AML Controls Form Part of Offshore Test
The pilot will test whitelist-based transfer restrictions, on-chain operating structures, know-your-customer checks and anti-money laundering systems. Shinhan said the aim is to verify whether the technical and regulatory requirements can operate effectively in an offshore tokenized fund structure.
Shinhan CEO Lee Seok-won said the project is not intended for actual issuance or distribution. The manager also wants to assess the potential overseas use of won-denominated investment products in an on-chain market where dollar-based assets currently dominate.
South Korea Token Securities Framework Starts February 4, 2027
The pilot comes before South Korea’s token securities framework takes effect on February 4, 2027. Legislation approved by the National Assembly in January recognizes blockchain-based distributed ledgers as securities registries and provides a legal framework for issuing tokenized securities.
For now, Shinhan said the project remains a technical proof of concept and does not presuppose an actual fund issuance or distribution. The companies have not announced when the pilot will finish or whether they will move ahead with a commercial product.
