Wavebridge and KB Financial Group team up to build digital asset ecosystem

Rhea-AI Summary

Wavebridge has partnered with KB Financial Group to develop a digital asset ecosystem following a signed MoU on November 7, 2022. The collaboration aims to enhance global competitiveness in the digital asset sector and adapt to changing regulatory landscapes. Key initiatives include advancing the KB DAM AI investment analysis platform, creating digital asset index-based products, and launching investor protection systems. Additionally, they will strengthen global operations via Wavebridge's US-based asset manager, NEOS, promoting international ETFs.

Positive

• Strategic partnership with KB Financial Group enhances digital asset business prospects.
• Collaboration to improve KB's AI investment analysis platform, potentially increasing efficiency.
• Expected development of index-based digital asset products may attract more investors.
• Joint effort to publish high-quality evaluation reports can improve investor confidence.
• Plans for global expansion through NEOS could broaden market reach and revenue streams.

Negative

• None.

SEOUL, South Korea, Nov. 7, 2022 /PRNewswire/ -- Wavebridge has signed a Memorandum of Understanding (MoU) with KB Financial Group, a major South Korean financial holding firm, for a strategic partnership to jointly establish a digital asset ecosystem.

Under the agreement, the two parties will seek close cooperation to enhance the global competitiveness of digital asset business sectors and work together to proactively respond to digital asset market environment changes, such as regulatory trends.

Accordingly, Wavebridge will boost cooperation with several units of KB Financial Group.

With KB Kookmin Bank, the banking subsidiary of the group, the two will drive progress in advancing KB's AI investment analysis platform, 'KB DAM (Digital Asset Management),' and interact in developing digital asset infrastructure based on Wavebridge's digital asset data expertise.

Together with KB Securities, the two companies plan to expand the digital asset financial service segment by making digital asset index-based products and develop an asset management model for clients using algorithmic trading strategies. Also, they will jointly design a system that can protect investors from information asymmetry between organizations and customers. This effort includes publication of evaluation reports for major digital assets in a form of securities firm research paper to provide high-quality information to investors.

Lastly, Wavebridge and KB Asset Management will join forces in strengthening their global business area through NEOS, Wavebridge's US-based asset manager. Through NEOS, they will promote the overseas listing of KB's ETFs (Exchange-Traded Funds) and co-develop global digital asset products.

"It is truly meaningful to team up with KB Financial Group to build a digital asset ecosystem and create a safe investment environment for investors. Wavebridge will continue to lead the domestic digital asset financial market, bringing a leap-forward innovation throughout the industry," said Oh Jong-wook, CEO of Wavebridge.

SOURCE Wavebridge

FAQ

What is the recent partnership between Wavebridge and KB Financial Group?

Wavebridge signed an MoU with KB Financial Group to establish a digital asset ecosystem focusing on investments and regulatory adaptations.

When was the MoU between Wavebridge and KB Financial Group signed?

The MoU was signed on November 7, 2022.

What are the objectives of the partnership between Wavebridge and KB?

The partnership aims to enhance digital asset competitiveness, develop investment platforms, and protect investors.

How will the partnership affect KB's AI investment platform?

Wavebridge will collaborate with KB Kookmin Bank to advance the KB DAM AI investment analysis platform.

What is NEOS in the context of the Wavebridge and KB partnership?

NEOS is Wavebridge's US-based asset manager that will facilitate global operations and promote ETFs.