Kakaopay Securities is working with Dinari and Ondo Finance to explore international distribution of tokenized Korean equities. The agreements, announced on September 29, combine a domestic securities business with two companies developing blockchain-based investment products. The projects remain exploratory, with the partners focusing on underlying shares, custody arrangements and issuance infrastructure before deciding whether to offer commercial products to investors in overseas markets.

The Dinari partnership includes a proof of concept based on its dShares model, which is designed to preserve applicable shareholder rights such as dividends and voting. Dinari said no specific Korean companies had been selected and no public commercial launch timetable had been established. The proposed instruments would be backed by locally listed shares, making the sourcing and administration of those securities central to the project.

Ondo’s agreement concentrates initially on a framework for sourcing and custodying Korean-listed equities. Kakaopay Securities would operate a foreign investor omnibus account to hold and administer the underlying shares. The partners will also study token issuance, redemption and reconciliation. These functions determine how a blockchain representation remains connected to a security recorded in a conventional brokerage and custody system, particularly when investors enter or leave the product.

The collaboration gives Kakaopay a potential distribution route beyond its domestic market and offers Dinari and Ondo an opportunity to extend their equity infrastructure to another jurisdiction. Commercial availability will depend on legal requirements in South Korea and the markets where the products are distributed. The immediate milestone is the formation of the partnerships; the selection of stocks, finalized product terms and launch decisions are still to come.