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South Korea's KB Kookmin Bank resorts to blockchain to enhance internal processes

Shwangtianyuan [CC BY-SA 4.0 (]

Wed, 09 Oct 2019, 06:11 am UTC

KB Kookmin Bank, one of the four biggest South Korean banks by asset value, revealed that it plans to integrate blockchain technology into its internal processes. The announcement was made at the Enterprise Ethereum and Revolution in Banking Summit conference.

According to local news outlet Korea JoongAng Daily, the bank stated that blockchain technology can offer a number of benefits to the financial industry, including digital tokens issuance, funding, custodial services, and trading

KB Kookmin Bank also plans to utilize decentralized ledger technology to combat money laundering and enhance verification services, custodial services, and token offerings.

Describing blockchain as a huge wave that will interrupt the financial ecosystem, Lee Woo-yeol, KB Kookmin’s chief information officer, said: “We need to be ready for the moment when different types of assets turn into tokens, although we don’t know when that will be.”

In June, KB Kookmin Bank entered into a strategic business agreement with blockchain startup Atomrigs Lab to look into digital asset protection technology and smart contract application method as well as to explore new businesses in the field of digital assets.

It has also been selected in the financial regulatory sandbox launched by the Financial Services Commission earlier this year. KB Kookmin Bank would trial a “convenient, low-cost financial services combined with mobile communication services.

Moreover, in September, KB Kookmin along with Shinhan Woori, KEB Hana Bank, and Industrial Bank of Korea organized a “technology and service alliance” with blockchain firms.

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