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- HJ Shipbuilding leading the STO-based ship financing built the collaboration system with the leading investment firms.
- MOU Signing Ceremony
(from left) CEO Yoo Sang-cheol of HJSC, CEO Ahn In-seong of Mirae Asset Securities, President Kim Jeong-seon of Korea Real Estate Investment and Trust.
HJSC(CEO Yoo Sang-cheol for Shipbuilding Business) executed the MOU for mutual cooperation to active STO related to ship financing with Korea Real Estate Investment and Trust, and Mirae Asset Securities.
Recognized as the head house of shipbuilding industry in Korea, HJSC will create the significant synergy through the cooperation with Korea Real Estate Investment and Trust having the best knowhow on investment and finance in Korea and Mirae Asset Securities in STO sector recently highlighted as the innovative finance.
CEO Yoo Sang-cheol for shipbuilding business of HJSC, the president Kim Jeong-seon of Korea Real Estate Investment and CEO Ahn In-seong for digital business of Mirae Asset Securities joined the signing ceremony held in the head office of Korea Real Estate Investment and Trust in Seoul on the 16th.
The MOU parties agreed with the further discussion on the implementation method in detail after agreement on mutual cooperation to ▲find out projects including issuance of security token related to ship financing using blockchain technology and ▲ explore the new business models including application of financial regulatory sandbox.
STO, the digital assets, is security token issued based on the conventional assets including real estate, artworks and shares. The representative case of STO applied to ship financing which had difficulty in attracting small-scale investment is to raise public offering fund by diversif ied investment using blockchain technology.
HJSC drew substantial attention by proposing the approach to activate shipbuilding industry and ship financing using STO(Security Token Offering), the blockchain-based security token for the first time in the shipbuilding industry in Korea in the conference ‘BWB(Blockchain Week in Busan) 2022’ held by Busan Metropolitan Government last year.
HJSC identified that investors could share the ownership of a ship through tokenization of the right on a ship. Accordingly, HJSC expects the new innovation in shipping and shipbuilding industry by issuing STO based on blockchain technology and activating the fractional investment out of the existing ship ordering method building a ship with the capital of an owner and borrowings from financial institutes.
A shipbuilder can stabilize the supply of ships and strengthen the competitiveness for winning a contract by securing shipbuilding costs in advance. Furthermore, the blockchain-based STO will induce the virtuous cycle as enabling ship owners to expand their capacities, increasing jobs in shipbuilding yards and relevant industries in Korea, promoting the development of relevant industries and creating more jobs.
With the MOU as another opportunity, HJSC will expand the scope of cooperation with Busan Metropolitan City preparing for the establishment of Busan Digital Asset Exchange.
An official of HJSC said, “HJSC expects the activation of ship financing using STO through the cooperation with Korea Real Estate Investment and Trust, and Mirae Asset Securities with the best knowhow on investment and financing in Korea. HJSC will continuously endeavor to find out the new business models for all related parties in shipbuilding industry including ship owners, shipbuilders, investors and equipment suppliers to success.”
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