• Days
  • Hours
  • Mins
  • Secs
  • Sun, 20 Oct 2019, 04:05 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

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

Shwangtianyuan [CC BY-SA 4.0 (https://creativecommons.org/licenses/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.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,967.01 (-0.08%)
  • Ethereum (ETH) $171.50 (-1.39%)
  • XRP (XRP) $0.288200 (-1.70%)
  • Bitcoin Cash (BCH) $212.81 (-0.51%)
  • Litecoin (LTC) $53.68 (+0.52%)
  • Bitcoin (BTC) $7,967.01 (-0.08%)
Oct 18, 2019 (Friday)
12:51
Telegram’s claim “Grams will not be security once TON Blockchain launches” is insufficient, argues SEC
11:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:51
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:23
US Senator comes out in support of Facebook’s crypto, finds hostility towards Libra “puzzling”
10:38
Crypto Technicals: BCH/USD tests trendline support (209), dip till 78.6% Fib (168.35) likely
10:13
IBM, Raw Seafoods partner to digitize scallops supply chain using blockchain
08:48
India’s Reliance Industries reveals blockchain plans for Bill of Lading and Letter of Credit transactions
07:48
Crypto Technicals: Ripple (XRP) erases most of previous session's gains, retrace below cloud dents further upside
07:22
Crypto exchange Upbit operator Dunamu to launch OTC trading platform for unlisted securities
06:52
Crypto Technicals: ETH/USD fails to extend recovery, resumes weakness, 167.50 (Oct 6 low) in sight
06:22
Stablecoin initiatives highlight shortcomings in cross-border payments: G7 Working Group
06:11
Crypto Technicals: LTC/USD extends choppy trade below 21-EMA, bias bearish
05:02
Crypto Technicals: BTC/USD confined to narrow range, bias bearish below 5-DMA (8132)
04:48
Telegram calls SEC’s emergency injunction “unreasonable”, argues gram tokens are not securities
Oct 17, 2019 (Thursday)
13:38
Bermuda to develop blockchain-based national ID system with Shyft and Perseid Network
12:52
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:48
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:59
Samsung SDS partners with Tech Mahindra and Pega to launch blockchain-based traceability solution
11:13
Telegram proposes to postpone TON blockchain project launch to April 2020, seeks investors’ consent
10:41
Crypto Technicals: TRON (TRX) resumes weakness, break below 20-DMA could see fresh multi-month lows
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft