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KB Kookmin Bank, one of the four largest banks ranked by asset value in South Korea, has signed a strategic business agreement with blockchain startup Atomrigs Lab, local news outlet Business Korea reported.
According to the report, Atomrigs Lab is a blockchain specialist with expertise in finance, blockchain design and mathematics, and is focused on developing blockchain-based digital asset protection technologies using next-generation cryptography.
Under the agreement, the companies will collaborate to study digital asset protection technology and smart contract application method. They have also decided to actively explore new businesses in the field of digital assets.
In addition, the companies will also join forces to develop digital asset management services that combine Atomics Lab’s technology with KB Kookmin Bank's internal control infrastructure and information protection technologies. They also intend to cooperate with each other for the creation of a linkage ecosystem between the blockchain network and finance.
Meanwhile, Kookmin Bank has been promoting digital transformation throughout the company and has set its core technology as ‘ABCDE’ – an acronym for AI, Blockchain, Cloud, Data, and Ecosystem.
"We hope that the two companies will grow together by discovering innovative services in the field of digital asset management with this agreement," an official of KB Kookmin Bank was quoted saying. "We will expand the digital ecosystem through cooperation."
KB Kookmin Bank has also been selected in the financial regulatory sandbox launched by the Financial Services Commission (FSC) earlier this year. It would trial a “convenient, low-cost financial services combined with mobile communication services.”
[The article has been written using online translation of the source article]
