Major banks in South Korea have begun to introduce blockchain technology

Since the official launch of blockchain technology by Shinhan Bank last year, IBK Corporate Bank of Korea has recently cooperated with financial technology companies to develop blockchain technology. It can be seen that Korean banks have begun to actively introduce blockchain technology, and the “blockchaining” of Korean banks is expected to be further developed.

On the 6th, according to sources in the Korean financial industry, IBK Corporate Bank signed the “Business Agreement for Strengthening Blockchain Technology Power” on the 2nd of this month with the financial technology company Tera related to the blockchain. Through this cooperation agreement, IBK Corporate Bank and Tera will work together to study blockchain technology. As a company selected by IBK Corporate Bank in the fifth phase of the intelligent industry cultivation project “IBK Pintech Dream Lab” in the field of financial technology, Tera will provide a blockchain-based payment system for e-commerce platforms.

Since blockchain technology is not yet applicable to actual business, IBK Corporate Bank has reached this business cooperation agreement in view of preparing for the formal introduction of technology. According to IBK Corporate Bank, the agreement was developed in response to future technological changes, sharing of technology and information related to blockchain.

Prior to IBK Corporate Bank, other banks in South Korea also signed business agreements with companies related to blockchain or academic institutions to actively introduce technology. For example, last month KEB Asiana Bank and Korea University signed a business agreement to jointly study blockchain technology. Korea University, based on the blockchain research institute, has been working hard to promote research on the blockchain industry. Hana Bank and Korea University hope to strengthen industry-university cooperation through this agreement. The first cooperation project is to introduce blockchain technology in the issuance of student certificates at Korea University.

Take Hana Bank as an example. The global digital asset platform “Global Loyalty Network”, built by Hana Financial Group, was launched for the first time in Taiwan last month, and global blockchain technology began to surface. Based on the blockchain, GLN connects digital platforms owned by financial institutions and distribution companies in Taiwan, China, Japan, Thailand, Russia, the United States, and the United Kingdom, and uses digital assets like Hana Members' points through mobile phones. Hana Money is free to convert.

After the formation of the GLN International Consortium in November 2017, it officially announced that it will start the platform from this year. Hana Financial related people said that the promotion of GLN to the world is the ultimate goal, but the time to complete the construction of a global GLN platform is not yet mature. The current plan is to start from the start of the Taiwan region in the previous month and gradually expand to other countries. In addition, this year, Asiana Bank also joined the world blockchain alliance Hyperledger and the enterprise Ethereum Alliance, applied for more than 40 blockchain business model patents, held blockchain technology seminars and other activities, and actively promoted blockchain technology. s concern.

The NH Agricultural Bank last year launched the P2P financial certificate blockchain service in the Korean banking sector. P2P financial investors can use the “NH Smart Notice” to inquire about the principal and interest receipts. “NH Smart Notice” refers to a service that pays the amount immediately after receiving various notifications such as national taxes, local taxes, and violations, and NH Agricultural Cooperatives cards on smartphones. The principal and interest receipts are documents provided by the P2P financial company to the investors regarding the investment principal and the agreed interest collection records. Before the investors in Korea need to receive the mail or fax. This service is developed to prevent fraudulent information such as principal and interest collection information issued by P2P companies, and is developed with the purpose of blockchain technology sharing. A related person from the Agricultural Cooperative Bank said that this is the first blockchain technology introduced after the establishment of the digital R&D center, and will promote the application of converged services based on blockchain technology in the future.

In addition, Shinhan Bank launched a project to apply blockchain technology to the entire banking business in November last year, and introduced blockchain technology in the signing of "interest swap (IRS) transactions." The current policy of Shinhan Bank is to apply and validate more than 10 ideas put forward in the business of credit products (such as foreign exchange, credit, bonds, derivatives) related to import and export finance and external institutions.

Relevant people in the financial sector said that a variety of banking services, such as transactions and certifications, are more suitable for blockchain technology than any other field. It is expected that more innovative services will be introduced through the introduction of blockchain technology, bringing convenience to people.

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