KB Kookmin Bank of Korea plans to utilize blockchain technology for its internal processes. KB Kookmin Bank is among Korea’s four largest banks by asset value. The bank recently revealed its plans to use blockchain technology for enhancing the internal workings. The announcement was made in the Banking Summit Conference at Enterprise Ethereum and Revolution.
As per JoongAng Daily, a local news outlet, the bank had stated that the blockchain technology can offer several benefits for the Finance Industry including issuance of Digital tokens, custodial services, funding, and trading.
The bank plans to use the decentralized ledger technology to combat issues like Money Laundering, enhance verification services, token offerings, and custodial services.
KB Kookmin’s Chief Information Officer, Lee Woo-yeol, describes blockchain as an enormous wave that will interrupt the financial ecosystem. He 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.”
The bank entered into a Strategic Business Agreement with a blockchain startup, Atomrigs Lab in June this year. The agreement allows Atomrigs Lab to explore new businesses in the field of digital assets and look for ways to enhance digital protection and smart contract applications.
It is also included in the Financial Services Commission’s Financial Regulatory Sandbox that was launched this year. The bank looks to try a “convenient, low-cost financial services combined with mobile communication services.”
In September, KB Kookmin bank with KEB Hana Bank, Shinhan Woori and Industrial Bank of Korea had organized a “technology and service alliance” event with blockchain firms.