Japanese financial giant SBI Digital Markets appoints former Bank of Korea official to expand Korean business.

Japanese financial giant SBI Holdings' cryptocurrency division, SBI Digital Markets, announced yesterday that it will appoint former Bank of Korea official Jai Yung Byun as the company's chief advisor to accelerate the strengthening and expansion of its South Korean operations.

SBI Digital Markets Appoints Former Bank of Korea Official as Chief Advisor

SBI Digital Markets announced on Wednesday in a press release that the company has appointed former Bank of Korea official Jai Yung Byun as Chief Advisor to expand its business in South Korea.

Byun has held various leadership positions, including Head of the International Financial Policy Planning Team at the Bank of Korea, Director of Foreign Exchange Analysis, Chief Representative of the Bank of Korea's Washington D.C. office, and Korea Country Manager for Northern Trust, one of the world's largest custodian banks.

SBI Digital Markets stated that Byun has been providing advisory services to the company for its business development and regulatory strategy in Korea since 2023:

His expertise is crucial in navigating the complex market environment in Korea and fostering relationships with financial institutions in the public and private sectors.

In response to the enactment of the Virtual Asset User Protection Act, the South Korean government is conducting real-time monitoring of the cryptocurrency market

SBI Digital Markets CEO: Continuing to Drive Business in Korea and Asia-Pacific

SBI Digital Markets CEO Winston Quek also expressed confidence in Byun's abilities in a statement:

As we continue to expand our business and products in Korea, Mr. Byun's deep understanding of the local market and rich experience are invaluable, symbolizing our commitment to providing excellent service and driving growth in Korea and the broader Asia-Pacific region.

He added, "At the same time, through Mr. Byun, we will further enhance our regulatory compliance in Korea to safeguard the interests of our institutional investors and partners."

SBI Actively Expanding Crypto Business

SBI Holdings, a Japanese financial group with over 50 million global customers founded in 1999, is actively investing and expanding in the crypto industry, including:

• In September 2023, its remittance company SBI Remit partnered with crypto payment provider Ripple to establish SBI Ripple Asia, introducing XRP-based remittance solutions to the Philippines, Vietnam, and Indonesia.
• In November 2023, it launched a $100 million crypto venture fund with Standard Chartered Bank's venture arm SC Ventures, focusing on DeFi, payments, tokenization, and crypto infrastructure.
• In November 2023, it collaborated with stablecoin issuer Circle to promote USDC adoption in Japan and explore the potential integration of banking services with Web3 technology.