[Edaily Reporter Kim Hyung-il ] On the 7th, independent research firm CMIR analyzed that financial smart platform company Finger Inc.(163730)could expand its business by leveraging its existing tokenized securities issuance platform, “F-STO,” and its track record in the financial sector, following the institutionalization of tokenized securities.

In its report, CMIR assessed that Finger Inc. has secured a foundation to enter the regulated market following the financial authorities’ institutionalization of token securities. On the 4th, the Financial Services Commission announced its “Policy Direction for Token Securities” and stated that it would gradually open the token securities market starting February 4, 2027, the effective date of the amended Electronic Securities Act.

Looking at the plan for the phased opening of the tokenized securities market, Phase 1 will include publicly offered fractional investment securities, private money market funds (MMFs) and private bonds exclusively for institutional investors, and unlisted shares held in trust. In Phase 2, the scope will expand to include all publicly offered securities, and in Phase 3, on-chain settlements using stablecoins will be promoted.

CMIR analyzed that stricter requirements for issuer account management institutions could work in Finger Inc.’s favor. The firm explained that to register securities on a distributed ledger, entities must meet requirements such as having 4 billion won in equity capital, four specialized staff members, and compliance with security standards; consequently, eligible registrants are likely to be limited to banks, securities firms, and issuing companies above a certain size.

Finger Inc. is considered competitive because it can integrate its account management system and tokenized securities module into its existing network of financial sector clients. Finger Inc. owns the F-STO platform, which combines its proprietary blockchain platform, F-Chain, with token issuance, over-the-counter trading, and account management functions. In 2024, the company supplied an STO platform to NH Nonghyup Bank and collaborated on a joint project with KwangdongPharmaceutical to issue investment contract securities; in 2026, it expanded its Web3 and STO businesses through partnerships with Shinhan DS and Naver Cloud.

The fact that fractional investment asset pooling and the tokenization of future accounts receivable have been permitted was also viewed positively. CMIR analyzed that, with portfolio-style issuances now possible, the tokenized securities business could shift from one-time issuances to recurring system demand.

It also suggested that the establishment of an over-the-counter (OTC) brokerage business could expand demand for related infrastructure, from issuance to distribution. In the stablecoin payment sector, CMIR saw potential for medium- to long-term business expansion based on collaborations with HANPASS CO.,Ltd., Dube, and MoonPay.

CMIR identified the legislative notice for the proposed amendments to the enforcement decrees and supervisory regulations scheduled for late September, as well as system orders from the financial sector, as key points to watch in the future. However, since the blockchain sector’s contribution to revenue is still in its early stages, the firm analyzed that future announcements of orders and whether these are actually reflected in revenue will be key factors in determining Finger Inc.’s revaluation.

CMIR stated, “Finger Inc. is not an issuer but an infrastructure provider supporting the issuance and distribution of tokenized securities,” adding, “With the implementation of the regulations, a market has opened where Finger Inc. can leverage its existing financial sector customer base and F-STO track record.” It further noted, “For policy announcements to lead to an actual revaluation of the company’s value, we must confirm its registration as an account management institution in the financial sector, system orders from that sector, and whether Finger Inc. announces contract wins and reflects them in its revenue,” adding, “The condition for revaluation is the point at which tokenized securities policies translate into actual contracts and revenue.”