Shinhan Asset Management and Plume have signed an MOU to build a proof of concept for a Korean won-denominated tokenized fund, using a Shinhan fund related to won ultra-short-term bonds as the underlying asset. The offshore pilot, to be conducted in a third jurisdiction, is intended to test whether high-quality KRW-denominated assets can attract demand in onchain funding markets that have so far been dominated by dollar-based instruments. The companies said the work will focus on whitelist-based transfer controls, onchain mechanisms, Know-Your-Customer and Anti-Money Laundering systems, and broader regulatory alignment. Shinhan said the structure is being designed as an isolated proof of concept rather than an issuance or distribution launch, with contractual and technical measures intended to block domestic residents from acquiring the product. The MOU reflects an intention to cooperate, with any future domestic or international issuance and distribution subject to legal compliance and regulatory verification. Plume said it will provide the technical and compliance framework for the test and that it holds U.S. SEC transfer-agent registration via Kimber Transfer Agency LLC and recently joined DTCC's Digital Assets Solutions Industry Working Group.