KB Koomkin Bank, the largest bank in South Korea, recently signed a Memorandum of Understanding (MoU) with blockchain company Atomrigs Lab to jointly explore digital asset management and protection solutions.
As reported by Cointelegraph, the memorandum establishes that the two firms will focus on digital asset market growth and new crypto-related businesses.
Atomrigs Lab, which specializes in blockchain development for the financial sector, has been developing blockchain-based digital asset protection technologies with the use of next-generation cryptography.
The partners will also collaborate on the development of digital asset management services, which harness Atomrigs Lab’s technology together with KB Kookmin Bank’s internal control infrastructure and data protection technologies.
The development of an ecosystem bridging the blockchain and financial sectors will also be a key area of cooperation.
KB Kookmin has determined its core technological focus as encompassing artificial intelligence, blockchain, cloud, data and ecosystem (ABCDE), having made the promotion of digital transformation a priority since 2018.
The bank came under regulatory scrutiny that year from the country’s Financial Supervisory Service (FSS), which criticized both KB Kookmin and fellow domestic institution Nonghyup Bank in a joint review. The FSS specifically took issue with the way both banks managed cryptocurrency transactions in relation to anti-money laundering regulations.
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