South Korean KB Kookmin Bank Adopts Blockchain to Improve Internal Processes

Major South Korean financial institution KB Kookmin Bank is planning to combine blockchain expertise into its inner processes.

As native information outlet Korea JoongAng Daily reported on Oct. 7, the establishment stated blockchain expertise might provide a large number of advantages to the monetary business, together with the issuance of digital tokens, funding, custodial companies and buying and selling.

Taking a proactive strategy towards blockchain adoption

The financial institution intends to deploy distributed ledger expertise to combat cash laundering, enhance verification companies, custodial companies and token choices. Lee Woo-yeol, chief info officer at KB Kookmin, stated that the financial institution ought to take a proactive strategy towards blockchain, including:

“We see blockchain as a big wave that will disrupt finance in the future. 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.”

KB Kookmin’s expertise with blockchain and cryptocurrency

In June, KB Kookmin signed a memorandum of understanding with blockchain tech agency Atomrigs Lab to collectively develop digital asset administration companies that use Atomrigs Lab’s expertise and KB Kookmin’s inner management infrastructure and information safety applied sciences.

The financial institution beforehand got here underneath regulatory scrutiny from Korea’s Financial Supervisory Service (FSS) when the regulator criticized KB Kookmin and Nonghyup Bank’s administration. The FSS acknowledged that there was an issue with the so-called “suspicious transaction extraction standard of Kookmin Bank’s virtual currency handling business.”

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