Upbit, South Korea’s largest crypto exchange, has signed a technology partnership with Indonesia’s ICEx to help advance the country’s digital asset infrastructure and broader market development.
The signing ceremony took place during the Korea-Indonesia Business Forum held Wednesday in central Seoul, attended by Oh Kyoung-suk, chief executive of Upbit operator Dunamu, ICEx CEO Pang Xue Kai, Adi Budiarso, director of digital asset innovation and regulation at Indonesia’s Financial Services Authority, and other officials from both sides.
The forum was held on the sidelines of the Indonesian president’s visit to Seoul and his summit with South Korean President Lee Jae Myung the same day.
Under the agreement, Dunamu plans to share Upbit’s operational know-how to help raise Indonesia’s digital-asset market and ecosystem to global standards. The two sides also discussed broader cooperation to build digital financial infrastructure on a trusted technological foundation.
According to Dunamu, ICEx Group operates under a comprehensive license covering digital asset exchange, clearing and custody functions. Eleven local exchanges, including Upbit Indonesia, participated as founding shareholders, while major Indonesian conglomerates and global exchanges have joined as strategic investors.
“Upbit’s proven technology and regulatory capabilities will be critical to strengthening the credibility of Indonesia’s digital-asset market,” Pang said, adding that the partnership is expected to “set a new benchmark for the country’s digital financial infrastructure.”
Oh said, “We will work closely with ICEx to help foster a sound digital-asset ecosystem.”
jwc@heraldcorp.com
