KB Kookmin Bank will implement blockchain to increase the efficiency of internal processes

The large South Korean bank KB Kookmin Bank plans to integrate the blockchain into its internal processes, including custody services and the fight against money laundering.

According to the local edition of Korea JoongAng Daily, the bank said that blockchain technology can offer many advantages for the financial industry, including the issuance of digital tokens, financing, custody services and trade.

The bank intends to introduce a blockchain to combat money laundering, improve the operation of verification services and custodial services, as well as the issue of tokens. KB Kookmin’s Information Technology Director Lee Woo-yeol said the bank should take an active stance on blockchain:

“We see blockchain as a revolutionary technology that will change the world of finance in the future. We must be prepared for the fact that various types of assets will be tokenized, although we do not know when this will happen. ”

This is not the first time the bank has shown interest in cryptocurrencies and blockchain. In June, it became known that KB Kookmin is exploring crypto asset management solutions.

Other South Korean financial institutions are also actively implementing blockchain. In August, Shinhan Bank announced that it would create a security system on the blockchain, and earlier, a division of Shinhan Financial Investment announced the launch of a service for lending securities on the blockchain.