editorial
Mirae Asset Securities, a prominent investment firm and brokerage with a portfolio exceeding $500 billion in assets under management (AUM), has chosen Polygon as its partner to delve into the realm of digital securities and asset tokenization.
The company revealed that its Mirae Asset Security Token Working Group is diligently working on constructing the necessary infrastructure for security tokens. This encompasses developing the technological framework to issue, manage, and distribute digital securities.
Mirae Asset Securities has collaborated with other firms for this project, including Linger Studio and Coin Plug.
A memorandum of understanding (MOU) has been signed with Polygon Labs to establish a tokenization ecosystem. As per the company’s announcement, Mirae Asset Securities already possesses over $3 billion worth of equity capital in its overseas operations, making it the brokerage firm with the highest amount in South Korea.
Mirae Asset Securities emphasized the presence of other asset managers who are working with Polygon, such as Hamilton Lane and Franklin Templeton.
Simultaneously, Polygon is participating in “Project Guardian,” an initiative in asset tokenization organized by the Monetary Authority of Singapore (MAS). The project has already executed successful foreign exchange and sovereign bond transactions on Polygon’s platform.
Ahn In-sung, the Head of the Digital Division at Mirae Asset Securities, expressed admiration for the innovation carried out by Polygon Labs in all aspects of Web3. He noted their goal of establishing global leadership in the realm of tokenized securities.
Polygon Labs’ Executive Chairman, Sandeep Nailwal, described Mirae as a forward-thinking company that aims to stay abreast of the constantly evolving world of digital finance. He believes that Mirae’s foray into tokenization will accelerate the mass adoption of Web3 among financial institutions and contribute to establishing interoperability between South Korea’s domestic financial systems and their foreign counterparts.
While many industry insiders and policymakers anticipate that all securities will eventually become digital, the process of change takes time, and compliance issues persist. Established financial firms have been slow to adapt to this digital transformation. Additionally, the technology powering Web3 services must meet enterprise-level requirements, including strong performance and robust cybersecurity protocols, for successful replacement of legacy systems.
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