South Korea-based KEB Hana Bank joins Enterprise Ethereum Alliance

KEB Hana Bank, the banking subsidiary of South Korea’s Hana Financial Group, has joined has joined Enterprise Ethereum Alliance (EEA), The Korea Times reported.

Launched in 2017, EEA is focused on developing a set of open-source, standards-based blockchain specifications that can be trusted and utilized globally for the betterment of all businesses and consumers. It currently has more than 500 members including the likes of Microsoft, Santander, JPMorgan, Accenture, BNY Mellon, LG CNS, and many others.

The bank joined Hyperledger, a cross-industry collaborative blockchain initiative, last month. KEB Hana is also a member of the blockchain consortium led by enterprise software firm R3 which it joined back in April 2016.

KEB Hana has become the first South Korean bank to be a member of all three prominent blockchain groups.

The bank said that it is actively joining these initiatives as part of its efforts to launch its Global Loyalty Network (GLN) digital platform this year. According to the official release (via online translation):

“KEB Hana Bank's GLN is a global financial platform that allows banks, settlement companies, and distributors to freely exchange and transfer funds through partnerships. Financial customers can exchange and use their digital assets freely anywhere in the world through this GLN.”

Han Jun-Seong, vice president of KEB Hana Bank, said that the partnerships with Hyperledger and EEA will help the bank to “find new business opportunities through the GLN platform and blockchain."