South Korean bank KB Kookmin Bank is planning to integrate blockchain technology into its internal processes.
According to Korea JoongAng Daily , the institution said blockchain technology could offer a multitude of benefits to the financial industry.
The bank aims to deploy distributed ledger technology to fight money laundering, improve verification and custodial services. Lee Woo-yeol, chief information officer at KB Kookmin, said the bank should take a proactive approach toward blockchain. Lee said:
“We see blockchain as a big wave that will disrupt finance in the future. We need to be ready for the moment when different types of assets turn into tokens, although we don’t know when that will be.”
KB Kookmin signed a memorandum of understanding with blockchain tech firm Atomrigs Lab to jointly develop digital asset management services. The memo was signed in June.