SBI Digital Markets appoints former Bank of Korea official to expand in South Korea

SBI Digital Markets, a crypto unit of Japanese securities and banking giant SBI Holdings, has appointed a former Bank of Korea official as principal consultant to expand its presence in South Korea.

The company on Wednesday announced the appointment of Jai Yung Byun, who previously served in multiple leadership roles at the Bank of Korea, the country’s central bank. He has led international policy planning and foreign exchange analysis at the central bank. Byun was also a chief representative at the Bank of Korea’s Washington D.C. Representative Office.

Byun started to advise SBI Digital Markets, the subsidiary of SBI Digital Asset Holdings, in 2023. Before joining SBI, Byun served as the South Korean country manager for 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 company said.

“His extensive experience and deep understanding of the Korean market will be invaluable as we continue to expand our presence and offerings in the region,” said Winston Quek, CEO of SBI Digital Markets. “Leveraging Mr  Byun’s consultancy, we will also further strengthen our governance and regulatory compliance standards to safekeep the interests of our institutional investors and partners.”

Established in 1999, SBI Holdings is a Japanese financial conglomerate with over 50 million customers globally. SBI Digital Asset Holdings partnered with Chiliz to set up a joint venture in Japan in May. The group also joined hands with Circle in November 2023 to expand USDC stablecoin adoption in Japan.