[Edaily Reporter Shin Yeong-bin ] Hancom WITH(054920)is launching a gold-based real-world asset (RWA) tokenization business that links a gold mine in Tanzania with a gold distribution network in the United Arab Emirates (UAE).

Hancom WITH announced on the 14th that it has signed a three-party memorandum of understanding (MOU) with UAE-based gold trading firm Al Dhafra Al Gharbia Gold Trading (ADGT) and global business development firm Cast Holdings to pursue the gold-based RWA business.

The three companies will establish a physical gold supply system by leveraging the Tanzanian gold mine project led by ADGT and the local gold distribution network in the UAE, and will develop a local business model that integrates Hancom WITH’s blockchain capabilities.

They will review UAE laws and regulations related to digital assets, as well as compliance with anti-money laundering (AML), know-your-customer (KYC), and Sharia principles. They also plan to design a business structure that encompasses everything from the production, procurement, refining, storage, and verification of physical gold to the issuance and redemption of digital assets.

Hancom WITH will lead the development of business strategies and the design of the technical and business structure. Its affiliate, AB Labs, will be responsible for the technical infrastructure required for the issuance and redemption of gold-backed digital assets, linking to physical assets, reserve verification, and on-chain management, utilizing the physical-asset-based blockchain platform “Ontorium.”

ADGT will establish a system for the procurement, refining, storage, and distribution of physical gold, including gold produced at gold mines in Tanzania. It is also exploring ways to link this to the physical asset supply chain for the gold-based RWA business.

Cast Holdings will handle business development tasks necessary for entering the Middle Eastern market, including establishing partnerships with local institutions and companies in the UAE, setting up joint ventures, and establishing business operations systems.

The three companies will first localize the physical gold-backed digital asset issuance model for the UAE market. Going forward, they plan to expand their business scope to gold-backed digital financial services after meeting local licensing requirements.

In the medium to long term, they will also pursue a business model that digitizes gold mine streaming contracts by utilizing production and operational data from gold mines in Tanzania. The vision is to develop an RWA financial model linked to actual gold production to provide the liquidity needed for mine operations.

Hancom WITH plans to expand its entry into the Middle Eastern gold RWA market using the UAE as a base, while Ontorium aims to broaden its global business footprint.

Song Sang-yeop, CEO of Hancom WITH, stated, “The key is not merely issuing digital assets linked to gold, but building an RWA infrastructure that connects everything from production to procurement, storage, verification, issuance, and redemption.” He added, “We will create a global business model that combines Tanzanian gold mines, the UAE gold supply chain, local business development capabilities, and blockchain technology.”