KB Kookmin Card Co., Ltd. first in card industry to partner with Bank of Korea on deposit token research

[Financial News] KB Kookmin Card Co., Ltd. is joining forces with the Bank of Korea to advance digital financial infrastructure. This marks the first time a company in the card industry has signed an MOU with the central bank to pursue research into digital financial infrastructure based on deposit tokens, among other areas.
According to financial industry sources on the 9th, KB Kookmin Card Co., Ltd. recently signed an MOU with the Bank of Korea to innovate digital financial infrastructure.
The agreement is intended to address advances in digital technology and structural changes in the payments market. The two institutions agreed to jointly explore ways to build financial infrastructure that would allow related services to operate reliably, while examining potential uses for new digital payment instruments.
In particular, they plan to focus their collaborative efforts on expanding the use of next-generation digital payment instruments such as deposit tokens. They will examine the technological and institutional foundations needed to enable deposit tokens to be used in a range of transaction settings, and also assess the potential to expand real-world services.
There are three broad areas of cooperation. First, drawing on KB Kookmin Card Co., Ltd.'s payment infrastructure and expertise in service operations, the two institutions will work to create a digital financial environment that consumers and merchants alike can use conveniently.
They will also discuss ways to provide digital financial services that comply with relevant laws and regulations and principles for protecting financial consumers. In addition, they plan to strengthen information sharing to advance digital financial services and the framework for cooperation between the two institutions.
Specific areas of cooperation and implementation plans will be worked out later, taking into account relevant laws and regulations and each institution's internal procedures.
A KB Kookmin Card Co., Ltd. official said, “Building on this MOU, we plan to continue identifying areas for cooperation with the Bank of Korea to respond to the rapidly changing digital financial environment,” adding, “We will help build a safe and convenient payments environment and contribute to the development of future financial infrastructure.”
 

[email protected] Hong Yeji Reporter