South Korea Major Bank, KB Embrace Blockchain Technology to Enhance Services

Ibiam Wayas by Ibiam Wayas - 12:11 PM Oct 09, 2019
South Korea Major Bank, KB Embrace Blockchain Technology to Enhance Services

South Korea's major banking institution, KB Kookmin Bank is working on embracing the blockchain technology to modify its internal processes, while delivering innovative offerings to clients.

KB Kookmin Bank revealed the development at a conference it co-hosted with Seoul Ethereum Meetup called Enterprise Ethereum and Revolution in Banking Summit.

The bank plans on how to deploy the blockchain technology to improve its services, as the CEO of KB, Hur Yin acknowledge the fact that blockchain technology holds much potential for the banking sector at large.

While commenting on the development, Hur noted that "The purpose of the financial service is to deliver valuable offerings to clients." He continued by saying "I believe that the financial sector will be able to provide innovative services through blockchain." 

The chief information officer (CIO), Lee Woo-yeol, emphasized on the ultimate need to adopt Innovations, especially blockchain technology without further delay. 

Lee said: "The paradigm is shifting in finance. [...] In the past, [companies] were able to catch up with new technologies, but that won't be the case in the future unless they are prepared for them." 

Blockchain Technology in Banking Sector

In addition, the bank's plan for deploying blockchain technology is keen to verification services, combat money laundering, security token offerings and custodial services.

KB is geared up to work with other companies in initiating blockchain projects. The bank detailed how KB Kookmin converted its IT infrastructure into a cloud-based system, enabling technology to take the lead in providing financial services. 

"There are a lot of cases in which people or companies bring great ideas and technologies to cooperate with KB, so we opened a branch run by tech experts from the bank so that they could put into practice or try out a certain technology right on site," Lee said. 

Meanwhile, in June, KB Kookmin Bank reached a partnership with Atomrigs Lab to work on establishing a system that stores digital assets.

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Ibiam Wayas

Ibiam WayasIbiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.