KB Financial Group said on the 17th that it successfully completed a proof of concept (PoC) covering every step of payment, settlement, and deposit using a won-based stablecoin. It plans to roll out a won stablecoin service in line with the institutional rollout of the "Digital Asset Basic Act (virtual asset phase two law)."
KB Financial Group's partners for this won-based stablecoin initiative are: ▲ electronic payment specialist KGINICIS ▲ global Layer 1 Blockchain platform KAIa, and virtual asset solution corporations OpenAsset.
This verification is an integrated demonstration case that consolidates every step of financial services into one, from issuing a won stablecoin to offline payments, merchant settlement, and overseas remittances. While keeping customers' existing financial service usage unchanged, it converted the internal settlement structure to a Blockchain-based system.
The real-life payment model was implemented through offline kiosk payments at HOLLYS coffee shops. When consumers pay by QR (Quick Response) without installing a separate digital wallet, a Blockchain smart contract (Smart Contract, conditional automatic contract execution) automatically runs at the settlement stage.
In the overseas remittance verification, the won stablecoin was converted into a dollar-based stablecoin using KAIa's on-chain (Blockchain network) liquidity, and then the process of receiving funds into an actual bank account via a local partner in Vietnam was tested.
KB Financial Group said that a remittance process that used to take anywhere from a few hours to several days under the traditional Society for Worldwide Interbank Financial Telecommunication (SWIFT) method was completed within three minutes in this verification. It also emphasized that fees were cut by about 87% compared with the existing method.
Based on this won stablecoin verification, KB Financial Group plans to secure operating capabilities to launch an actual service in line with the enactment and institutional rollout of the Digital Asset Basic Act.