[Provided by Kaia]
[Provided by Kaia]

Hanwha Investment & Securities is moving into the real-world asset (RWA) tokenization business in earnest, using Singapore as its base. The firm plans to accelerate its push into the global RWA market by launching its first project — issuing and distributing Indonesian ship finance as blockchain-based digital assets.

Pinetree, Hanwha Investment & Securities' Singapore subsidiary, announced Friday that it has signed a three-way MOU with Kaia and Galactica to cooperate on RWA issuance and distribution.

Under the agreement, the three companies will collaborate across the entire RWA process — from asset sourcing and product structuring to token issuance, settlement, regulatory compliance and distribution.

The partners have also divided responsibilities. Galactica will handle asset sourcing and product design, while Kaia will provide the blockchain infrastructure needed for on-chain issuance, settlement and asset management. Pinetree will oversee Singapore licensing and regulatory compliance, as well as investor distribution.

The first target is Indonesian ship finance. Indonesia holds more than 10 percent of the world's registered vessels but is considered a market with strong funding demand due to limited access to ship-collateral financing. The companies said tokenizing ship finance would give shipowners new fundraising channels beyond traditional financial institutions, while allowing investors to make small, diversified investments in large physical assets.

Kaia will provide on-chain infrastructure for the issuance, settlement and lifecycle management of tokenized assets in the project. The company also plans to link the tokenized assets with a multi-asset yield fund operated by its investment subsidiary, Kaia Investment Partners (KIP).

Galactica is a Singapore-based RWA tokenization firm jointly established by Kaia and Indonesian shipping company PT Pelayaran Korindo. It has been offering blockchain-based ship finance products through its ship finance program, Pegasus.

Beyond ship finance, the three companies plan to expand the scope of tokenized assets to include infrastructure assets and financial products.

Seo Sang-min, chairman of Kaia, said the partnership would allow the company to broaden its role as an on-chain financial hub supporting the issuance, settlement and distribution of real-world assets.

Lee Sang-won, head of Pinetree, said the firm would implement real-world asset tokenization safely within Singapore's regulatory framework and connect verified investment opportunities to investors worldwide.

Kim Yung-young, chief executive of Galactica, said the company would build on the ship finance RWA validated through Pegasus to move beyond Indonesian shipping and offer a wider range of real-world assets.

Meanwhile, tokenization is a technology that issues real-world assets as blockchain-based digital tokens, making them liquid and divisible into small units for trading. According to rwa.xyz, a real-world asset tokenization data platform, the value of on-chain real-world assets — excluding stablecoins — surpassed $30 billion as of mid-2026.

The securities industry is also taking note of the market's growth. Yang Hyeon-gyeong, a researcher at iM Securities, said the tokenized equity market has shown notable momentum, with its market capitalization reaching $1.95 billion — a 187 percent increase from $680 million at the end of last year.


kyoung@heraldcorp.com