South Korea’s KB Kookmin Bank has announced at the Enterprise Ethereum and Revolution in Banking Summit 2019 in Seoul that it will be adopting blockchain technology in order to improve the efficiency of the bank’s internal processes.
The bank has revealed that distributed ledger technology can provide more efficiency for the banking and finance industry, from issuing digital tokens and fundraising to trading and custodial services.
With this in mind, KB Kookmin Bank said it will use blockchain technology to carry out services such as token offerings, custodial services, and verification services, as well as to tackle the issue of money laundering via digital assets.
Chief Information Officer Lee Woo-yeol expressed confidence that DLT will be a disruptive force for the financial ecosystem.
“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,” said Lee.
According to a Tokenpost report, KB Kookmin is one of the four largest banks in South Korea by asset value and has taken several initiatives to adopt blockchain technology.
Earlier in June 2019, the bank inked an agreement with blockchain startup Atomrigs Lab that will see both entities working together to develop new technology for digital asset protection, explore new smart contract application methods, and embark on new business ventures involving digital assets.
The bank has also been participating in the nation’s financial regulatory sandbox introduced by the Financial Services Commission. Under the sandbox framework, KB Kookmin has been carrying out a trial to develop “convenient, low-cost financial services combined with mobile communication services.”
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