K bank, South Korea’s internet-only bank, has partnered with blockchain startup BPMG to develop financial services powered by stablecoins on a global scale, the internet lender announced Wednesday.
K bank has recently signed a memorandum of understanding with BPMG. Founded in 2021, BPMG offers a wide range of services spanning blockchain and artificial intelligence, including blockchain wallet, platform development and stablecoin consulting.
Through the partnership, the two companies agreed to jointly develop concrete business models powered by stablecoin, based on a consensus that the primary use cases of the currency lie in cross-border wire transfers, currency exchange and payments.
K bank and BPMG plan to leverage distributed ledger technology to simplify cross-border transaction processes and minimize intermediaries, thereby offering a solution that reduces costs and accelerates the process, the lender explained.
Building on BPMG’s AI and blockchain patents, the two companies also plan to jointly develop technologies capable of automatically assessing regulatory environments and transaction data across different countries. Through the initiative, the companies can ensure regulatory compliance and reliability in their offerings.
K bank and BPMG are also in talks with major overseas partners in Thailand and Dubai on proof-of-concept projects as they gear up to expand globally.
Meanwhile, K bank has been participating in Pax Project along with other Korean commercial lenders since April. The Japan-led international project tests real-time wire and payment models between Korea and Japan.
“By combining blockchain with finance, we aim to deliver faster and more efficient financial services on a global scale to our customers,” an official from K bank said.
“Through the partnership with BPMG, we will demonstrate the real-world use cases of stablecoins and expand their application across domestic and international financial services.”
silverstar@heraldcorp.com
