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.
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.
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.
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