Mirae Asset acquires Korbit — will its 8-year banking tie with Shinhan hold?

Mirae Asset Group's acquisition of digital asset exchange Korbit has put the spotlight on the future of Korbit's eight-year real-name account arrangement with Shinhan Bank. The partnership, which allows Korbit to offer Korean won deposit and withdrawal services, was renewed as recently as December last year, but industry observers say the change in ownership could prompt a reassessment.

Under South Korean regulations, cryptocurrency exchanges must secure a real-name verified account from a local bank to operate won-based trading services. Korbit has maintained such an account with Shinhan Bank since 2018, renewing the contract annually. With the end of this year approaching as the next renewal date, the banking sector is watching closely.

According to financial industry officials cited by local media, the direct impact on the real-name account may be limited initially. Banks provide such accounts as a commercial service, weighing factors like customer base expansion, firm banking fees, and anti-money laundering compliance burdens. “Real-name account services serve the strategic purpose of expanding the customer base, but profitability is also an important consideration,” one official said. The regulatory environment and concessions often play a larger role than strategic alignment between financial groups.

However, the relationship could shift if Korbit's role expands within the Mirae Asset ecosystem. Should Phase 2 digital asset legislation allow broader participation by securities firms, Mirae Asset might use Korbit not just as a trading platform but as a distribution channel for its financial products, targeting retail customers through so-called “money move” flows. Inside Shinhan Bank, sources indicate that the possibility of future changes is not being ruled out, with the bank preparing options based on Mirae Asset's business direction and regulatory developments.

Industry speculation also centers on Mirae Asset's global investment platform Maps (Mirae Asset Portfolio Service), which aims to combine traditional assets like stocks and bonds with digital assets. Some observers suggest Mirae Asset could first launch digital asset products in Hong Kong, where regulations are more advanced, and later bring them to South Korea through Korbit or Mirae Asset Securities once domestic rules permit.

As financial firms move rapidly to acquire or invest in exchanges, the traditional one-to-one bank-exchange partnership model may face restructuring. “The industry dynamics are getting very complicated,” another industry official noted. “Each party needs to be ready to adapt to the situation.”