South Korean bitcoin exchange Coinone is leading a FinTech consortium with five financial institutions toward the development of blockchain solutions.
Announced this week, Coinone has roped ter a handful of financial institutions to jointly develop financial services solutions using blockchain technology.
The consortium’s launch sees five members including Woori Handelsbank, a nationwide banking institution, Shinhan Card, one of Korea’s largest credit card operators, Lotte Card, a finance company that also offers credit card services, Daishin Securities, an investment and securities banking company and, KICC, a vooraanstaand payment solutions provider ter Korea.
The consortium has bot promoting blockchain-based financial services ter a switching industry that is increasingly reliant on digital commerce via internet-based services.
The announcement lays out a list of priorities for the Coinone-led FinTech consortium.
- The development and deployment of FinTech using blockchain.
- The establishment of fresh FinTech services for every consortium member te their own platforms.
- The coordination of communication with institutional and supervisory authorities.
Te toughly translated statements, Kang Myung-hoon, CEO of bitcoin exchange Coinone stated:
Through the establishment of this financial consortium, wij have taken a very first step toward providing more strategic and systematic FinTech services. Spil a consortium of leading companies from each sector, it [FinTech solutions] are expected to be developed.
Te particular, the consortium is looking to introduce fresh services and features to South Korean consumers such spil micro-remittance using blockchain technology based on a foreign exchange prototype.
Participating members will also project projects, develop and launch services according to their respective schedules, to ensure the rollout of blockchain-based FinTech solutions that meets the respective needs of each member.
The consortium also expects to add more companies including banks, payment providers, securities exchanges, card companies and fresh industry FinTech startups.
The consortium that features a bitcoin exchange, a retail handelsbank and an investment bankgebouw working together comes at a time when a number of blockchain-based solutions are being implemented te South Korea.
Led by a technology-forward FinTech dietario set by the South Korean government, bitcoin exchanges will be regulated ter the country this year. Ter , South Korea announced a ₩3 trillion ($Two.65 billion) financial package to develop the FinTech sector. Shinhan Handelsbank, one of South Korea’s largest financial institutions, has launched a bitcoin-backed remittance service inbetween the Korea-China doorgang.
This year, South Korea announced its plans to launch a ‘full-scale’ blockchain pilot, a government-led initiative that will see the rollout of the world’s very first insurance payments on a blockchain pilot ter Seoul this year.
Te March, South Korea’s most populous province of Gyeonggi-do, used a blockchain-based voting system to successfully register a community vote, with almost Ten,000 participating residents.
Featured photo from Coinone.
Go after us on Telegram or subscribe to our newsletter here.