HashKey Partners with KBank to Explore KRW Stablecoin Payments

KBank is an internet-only bank, while BPMG Group is a South Korean company that works in blockchain and artificial intelligence (AI).

The three companies will work together to develop and launch new digital asset business models.

They will also explore ways to use KRW stablecoins for cross-border payments between countries.

The partnership also aims to improve international trade settlements, making global transactions faster and more efficient.

“With this agreement, we have expanded our network to Hong Kong following partnerships in the UAE and Thailand,” a Kbank official said. “We will continue broadening cooperation with financial and blockchain companies in other markets.”

Under the planned partnership, KBank will review the proposed business models.

The bank will check whether the business plans follow South Korean regulations and can be launched in the country.

BPMG, through its US-based subsidiary ARACORE, will lead the commercial partnership.

ARACORE will also provide the technology needed to build a stablecoin-based payment and settlement system.

The agreement comes as the Bank of Korea has stated that won-backed stablecoins should only be issued by commercial banks.

Read Also- ASIO Technologies Bags US$15 Mn to Grow Advanced Tactical Solutions