SBI Digital Markets taps former Bank of Korea official for South Korea expansion

SBI Digital Markets, the cryptocurrency-focused arm of SBI Holdings, is looking to strengthen its roots in South Korea with the appointment of a former Bank of Korea executive.

According to a July 10 announcement, Jai Yung Byun has been appointed as principal consultant to aid in the firm’s South Korean expansion.

Winston Quek, CEO of SBI Digital Markets, portrayed his optimism over the new appointment, adding that Byun’s “extensive experience and deep understanding of the Korean market will be invaluable.”

Byun has previously served as an official for the nation’s central bank in several leading roles. 

He was the head of international policy planning and foreign exchange analysis during his tenure while also serving as a chief representative at the Bank of Korea’s Washington D.C. Representative Office.

Besides playing a key role in SBI Digital Market’s expansion plans, Byun will also advise on business development and regulatory strategies for the region. Further, he will help strengthen the firm’s institutional-grade governance and regulatory compliance standards.

The former central bank exec had already been advising SBI Digital Markets since 2023. Before onboarding SBI, he served as the South Korean country manager for financial services giant Northern Trust.

“His expertise has been instrumental in navigating the intricate landscape of the Korean market, fostering relationships with financial institutions across both public and private sectors,” the announcement said.

SBI Holdings is a Japanese financial conglomerate that has cemented itself within the cryptocurrency sector over the past years. The baking giant is also a partner of blockchain payments firm Ripple. 

Most recently, SBI ventured into security token offerings (STO) in collaboration with  South Korea’s Kyobo Life Insurance Group.

Last year, the Japanese firm also partnered with stablecoin issuer Circle in a bid to offer USDC in Japan. Soon after, it announced plans for ‘SBI Middle East,’ to foster the entry of Japanese digital asset startups into Saudi Arabian markets.

In May, SBI also tapped into the market for sports fan tokens by partnering with sports blockchain provider Chiliz.