KB Kookmin Bank was selected as a participant in the 'Deposit Token-Based Payment Infrastructure Expansion Project' under the 'Blockchain Innovation Leading Project' promoted by South Korea's Ministry of Science and ICT and the Korea Internet & Security Agency (KISA), according to an announcement on the 23rd. The project is led by the Korea Financial Telecommunications & Clearings Institute and implemented as a private consortium involving commercial banks, payment gateway (PG) companies, and value-added network (VAN) companies. The initiative aims to build a private payment infrastructure that the public can use in daily life, based on the deposit token proof-of-concept validated in the Bank of Korea's 'Project Hangang' institutional central bank digital currency (CBDC) trials.
KB Kookmin Bank Selected for KISA Deposit Token Payment Infrastructure Project
KB Kookmin Bank announced on the 23rd that it was selected as a participating institution in the 'Deposit Token-Based Payment Infrastructure Expansion Project' under the government's 'Blockchain Innovation Leading Project.' The Ministry of Science and ICT and KISA are promoting the initiative, which the Korea Financial Telecommunications & Clearings Institute leads. The project operates as a private consortium with participation from commercial banks, PG companies, and VAN companies. The consortium's objective is to construct a private payment infrastructure that citizens can use in everyday transactions, leveraging the deposit token proof-of-concept experience from the Bank of Korea's 'Project Hangang' institutional CBDC trials.
Bank Launches Service Expansion Following Kickoff Ceremony on the 22nd
KB Kookmin Bank began its deposit token payment service expansion starting with a kickoff ceremony held on the 22nd at the Blockchain Enterprise Growth Hub in Songpa-gu, Seoul. Among participating banks, KB Kookmin Bank established the most extensive collaboration framework with PG companies and VAN companies. The bank stated it plans to support merchants in accepting deposit token payments without requiring terminal replacement or system overhauls by utilizing existing payment networks.
KB Kookmin Bank Plans Fee Reduction and Instant Settlement for Merchants
The bank stated it expects to reduce payment fee burdens for small business owners through the deposit token infrastructure. KB Kookmin Bank also anticipates shortening the settlement period from the current 1–3 days to near-instant settlement levels, thereby improving payment efficiency for merchants.
Bank to Collaborate with Blockchain Startups on Core Technologies
KB Kookmin Bank announced it will expand cooperation with small and medium-sized enterprises and startups in the blockchain and IT sectors. The bank stated it will jointly develop core technologies including deposit token wallet integration, security solutions, and smart contract verification. According to the bank, this collaboration aims to strengthen the competitiveness of South Korea's blockchain industry and contribute to the creation of a digital financial ecosystem.
KB Kookmin Bank to Pursue Public Sector Blockchain Projects
KB Kookmin Bank stated it plans to actively cooperate in public sector linkage projects such as national treasury management and pilot programs for government business expense processing. The bank indicated these initiatives will build on the achievements accumulated in the private payment sector.
FAQ
What is the deposit token payment infrastructure expansion project KB Kookmin Bank joined?
KB Kookmin Bank was selected as a participant in the 'Deposit Token-Based Payment Infrastructure Expansion Project' under the 'Blockchain Innovation Leading Project' promoted by South Korea's Ministry of Science and ICT and KISA. The project is led by the Korea Financial Telecommunications & Clearings Institute and operates as a private consortium with commercial banks, PG companies, and VAN companies. The initiative aims to build a private payment infrastructure based on the deposit token proof-of-concept from the Bank of Korea's 'Project Hangang' institutional CBDC trials.
When did KB Kookmin Bank begin its deposit token service expansion activities?
KB Kookmin Bank began its deposit token payment service expansion starting with a kickoff ceremony held on the 22nd at the Blockchain Enterprise Growth Hub in Songpa-gu, Seoul. The bank established the most extensive collaboration framework among participating banks with PG companies and VAN companies.
How does KB Kookmin Bank plan to support merchants with deposit token payments?
KB Kookmin Bank stated it plans to support merchants in accepting deposit token payments without requiring terminal replacement or system overhauls by utilizing existing payment networks. The bank expects to reduce payment fee burdens for small business owners and shorten the settlement period from the current 1–3 days to near-instant settlement levels.
