Hana Financial Group, one of South Korea’s major financial conglomerates, has signed a memorandum of understanding with Standard Chartered Group to collaborate on digital asset endeavors.

According to multiple local media reports, the two institutions plan to leverage the combined expertise and networks to expand their global presence in traditional finance. In addition, the two companies reportedly discussed joint initiatives in digital finance involving cryptocurrencies. This includes stablecoins, the reports said.

“We will create new growth opportunities through synergy in digital assets and other future financial sectors,” said Ham Young-joo, chairman of the Hana Financial Group.

Both Hana and Standard Chartered have been venturing into digital finance in recent years.

In 2023, Hana Bank partnered with crypto custodian BitGo to build out its own crypto custody service. In the following year, the two and local telecommunications giant SK Telecom set up BitGo Korea. Hana owns a 25% stake in the firm. 

Hana Financial Group reportedly had its record-high annualized net income of over 4 trillion Korean won in 2025. This is worth $2.67 billion based on today's exchange rate.

Meanwhile, Standard Chartered became one of the first major banks to launch spot bitcoin and Ethereum trading for institutional clients in 2025, and offers digital asset custody services across Europe and Asia. 

Standard Chartered will likely be among the first recipients of Hong Kong's stablecoin issuer licenses, according to media reports last week.