Toss Bank and Solana Foundation signed a strategic memorandum of understanding (MOU) on the 19th for blockchain-based next-generation financial infrastructure cooperation, the Korean internet-only bank announced on the 22nd. The agreement, signed at Toss's Shinnohyeon office with Park Jin-hyun, Toss Bank's Strategy Division Head, and Lily Liu, President of Solana Foundation, in attendance, aims to explore stablecoin-based financial services and build global digital financial infrastructure. This marks the first direct partnership between a Korean internet-only bank and Solana Foundation, with Toss Bank planning to verify the applicability of blockchain-based digital financial infrastructure to existing financial services using the Solana network.
Toss Bank and Solana Foundation Outline Four Cooperation Areas
Toss Bank stated the MOU represents the first direct collaboration between a Korean internet-only bank and Solana Foundation. The bank plans to verify the applicability of blockchain-based digital financial infrastructure to existing financial services using the Solana network in stages. Specific cooperation areas include: phased promotion of Solana network-based global remittance and settlement infrastructure proof-of-concept (PoC), joint review of blockchain-based payment and settlement models, exploration of next-generation financial service possibilities using stablecoins and digital assets, and expansion of long-term cooperation between the two parties.
Stage 1 PoC Focuses on Stablecoin Remittance Technical Verification
The two parties have been discussing specific PoC implementation plans in the global remittance area prior to signing the agreement. In Stage 1 PoC, they will verify the technical feasibility of Solana network-based stablecoin remittance. Toss Bank plans to design the remittance user experience based on its internet-only bank operating experience and examine technical applicability using Solana. In the next stage, the scope will be gradually expanded to include actual overseas partner integration and integrated verification of anti-money laundering (AML) and know-your-customer (KYC) procedures.
Toss Bank characterized the partnership as "an experiment combining blockchain infrastructure with the innovative financial services we have been operating." The bank's "Visible International Remittance" service launched in January supports 30 countries and 7 major currencies, with euro, Singapore dollar, and pound transfers offering real-time remittance within 1 hour and real-time tracking throughout the entire process. Toss Bank explained that the Solana collaboration serves as a starting point for jointly verifying next-generation infrastructure that combines a blockchain layer with existing innovation assets to enable faster, lower-cost remittances across more currencies and countries.
Toss Bank plans to proactively respond to domestic stablecoin legislation trends and expand testing and adoption to various financial service areas including payments, digital assets, and tokenized assets, starting with blockchain-based digitalization of overseas remittances.
Executives Highlight Innovation and Efficiency Goals
Park Jin-hyun, Toss Bank's Strategy Division Head, stated: "This cooperation is a starting point for gradually applying blockchain-based digital financial infrastructure to the innovative financial services Toss Bank is already operating. Together with Solana, we will verify the possibility for our 15 million Toss Bank customers to experience global digital finance faster and at lower cost."
Lily Liu, President of Solana Foundation, stated: "The cooperation with Toss Bank is a meaningful case where an internet-only bank's innovative financial model meets Solana's global blockchain infrastructure. We expect it will serve as an opportunity to create new standards for faster and smoother global remittance experiences by combining the trust of traditional finance with the efficiency of blockchain."
FAQ
What did Toss Bank and Solana Foundation sign on the 19th?
Toss Bank and Solana Foundation signed a strategic memorandum of understanding (MOU) on the 19th for blockchain-based next-generation financial infrastructure cooperation. The agreement was signed at Toss's Shinnohyeon office with Park Jin-hyun, Toss Bank's Strategy Division Head, and Lily Liu, President of Solana Foundation, in attendance. Toss Bank announced the partnership on the 22nd.
What is the focus of Stage 1 PoC in the Toss Bank-Solana partnership?
Stage 1 PoC will verify the technical feasibility of Solana network-based stablecoin remittance. Toss Bank plans to design the remittance user experience based on its internet-only bank operating experience and examine technical applicability using Solana. In the next stage, the scope will be gradually expanded to include actual overseas partner integration and integrated verification of anti-money laundering (AML) and know-your-customer (KYC) procedures.
How many customers does Toss Bank serve?
Toss Bank serves 15 million customers, according to Park Jin-hyun, the bank's Strategy Division Head, in his statement about the Solana Foundation partnership.
