KB Kookmin Bank of South Korea is promoting a blockchain solution for international remittances and planning of leading a safer and faster foreign exchange services.
The Bank is working together with Coinplug to implement the firm holds in the field
At present we are sending overseas remittances via Swift network,and that sends payments through agency before they arrive at the beneficiary institution, KB Kookmin Bank interpreted.
The bank also added, Promoting blockchain technology avoid mediators and could lessen the price and result in potential funds for the client.
The Blockchain Agreement
In the same announcement, Kookmin also announced plans to develop an “overseas fund transfer and data storage service” that can be used for verification when opening online bank accounts.
KB Kookmin Bank, Aiming to establish an overseas fund transfer and data storage service. could be used when opening online bank accounts.
The Company follows a shift in stance by Korea’s Financial Service Committee that has enabled online verification to be used for this purpose, a new policy it said aims to promote online financial services and encourage financial start-ups.