Five S. Korean Banks Participate in JPMorgan’s Blockchain Payment Network 

Asia Blockchain Review
September 30, 2019

Five major banks in South Korea have officially joined the cross-border, blockchain-powered payments platform dubbed ‘The Interbank Information Network (IIN)’. According to a report by local news agency Fn News, IIN runs on Quorum, an Ethereum-based blockchain platform. 

IIN aims to reduce hassles involved in cross-border payments. Using the banking giant’s stablecoin, JPMorgan will focus on cost and transaction throughput reduction in cross-border payments.

Blockchain Boom among South Korean Banks

KEB Hana Bank, Shinhan Bank, Woori Bank, Nonghyup Bank, and the Korea Development Bank are the largest banks that have joined JPMorgan’s payments network.

The five banks have been actively engaging in blockchain and crypto-related activities. Some of them are reportedly focusing on pushing the commercialization of blockchain-based products and services by the end of 2019.

Banks in South Korea are eagerly developing and seeking ways to implement blockchain technology to reduce the time and costs associated with financial procedures. 

Singapore-based bank OCBC recently announced that it is also joining the IIN, becoming the first bank in Singapore to be a member of the network. 

IIN Membership Expands Worldwide   

Asian banks have shown a great deal of interest in adopting blockchain, with a total of 80 banks in Japan becoming members of JPMorgan’s IIN so far. According to a report by Singapore’s Business Times, Asian banks account for about 40% of the current participants in the IIN.

Shinhan Bank recently became one of the first South Korean banks to partner with Kakao Group’s blockchain subsidiary, Ground X, in the hopes of developing a security network powered by blockchain. 

Source: https://cryptonews.com/ 


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Ex-Morgan Stanley Developers Announce Launch of Phemex Crypto Platform
Former Morgan Stanley developers have introduced a ‘high-speed’ crypto derivatives platform called P...

December 14, 2019

Huobi Hosts Blockchain Event Attended by Foreign Govt Officials
Huobi crypto exchange has hosted a digital economy and blockchain event in Hainan, China, where an a...

December 14, 2019

Fraxtor Uses Blockchain Technology for Proptech in Singapore
Singaporean proptech firm Fraxtor has disclosed that blockchain technology can help create new sourc...

December 13, 2019

Credits, Alibaba Cloud Launch Blockchain Solutions to Solve Logistics Issues
Alibaba Cloud and the Credits platform have collaborated to launch blockchain-based solutions for th...

December 13, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us