Kbank said on the 27th that it signed a strategic partnership with global Blockchain corporations Ripple for a proof of concept (PoC) of Blockchain-based overseas remittances.
Choi Woo-hyung, Kbank president, and Fiona Murray, Ripple Asia-Pacific (APAC) head, recently signed the strategic partnership at Kbank's headquarters in Jung-gu, Seoul.
That day, the two companies discussed ▲ Ripple's digital wallet-based PoC ▲ support and cooperation for Kbank's overseas remittance model ▲ expansion of cooperation in the digital asset field.
Through this partnership, Kbank plans to use Ripple's global network and Blockchain infrastructure and verify the potential to improve the speed, expense, and transparency of existing overseas remittances.
The two companies are currently conducting technology verification related to overseas remittances and are detailing cooperation plans through step-by-step verification. In the first verification conducted earlier, they verified a separate app-based remittance structure, and in the second verification now underway, they are virtually linking customer accounts and internal systems to check remittance stability.
Kbank said it "plans to continue technology verification for various use cases such as overseas remittances in preparation for future legislation related to stablecoins."