Kakao Pay Securities signed a memorandum of understanding with Ondo Finance on Sept. 29 to pursue overseas distribution of Korean listed stocks. The partnership will connect Ondo Finance's global distribution network with Kakao Pay Securities' domestic equity infrastructure and establish a joint task force focused on overseas retail investors. The companies plan to develop systems for sourcing and custodying the underlying Korean shares, with Kakao Pay Securities operating an omnibus account for overseas investors. They will also study tokenization (converting assets into blockchain-based digital representations) infrastructure covering token issuance and redemption, balance management and reconciliation. Ondo Finance's tokenized-stock business surpassed $1 billion in total value locked in May, about eight months after launch. Commercialization of products will depend on domestic and overseas legal reviews, regulatory compliance, supervisory policy and investor-protection principles.