Hanwha Asset Management has formed a three-way alliance with Ripple and U.S. asset manager Canary Capital to establish an early position in South Korea's digital-asset market ahead of new rules. The partners are discussing business plans spanning digital-asset exchange-traded funds and tokenization of real-world assets, combining Hanwha's financial-product expertise, Canary's digital-asset product experience and Ripple's blockchain and payment infrastructure. The cooperation could include a South Korean ETF modeled on Canary Capital's U.S. products. The initiative also links to Hanwha's broader digital-asset expansion, including its additional purchase of Dunamu shares for about $432 million in the first half, raising its stake to 9.84% from 5.94%, as well as investments in Web3 wallet firm Crethus and data platform Xangle.