KB Kookmin Bank has successfully completed verification of cross-border payments using foreign currency-based deposit tokens with Japan's Mitsubishi UFJ Bank (MUFG). It is the first time a Korean commercial bank has verified foreign currency payments based on deposit tokens with an overseas bank.
KB Kookmin Bank said on the 30th that it had completed verification of a yen-based cross-border payment scenario by participating in "Project Agora," a global collaboration project jointly pursued by the Bank for International Settlements (BIS) and the Institute of International Finance (IIF).
Project Agora is a public-private collaboration project that verifies whether the efficiency and stability of cross-border payments can be improved using deposit tokens and tokenized central bank reserves. Unlike "Project Han River," which focuses on building domestic payment infrastructure, its main verification target is the cross-border payment environment. Major central banks, including the Bank of Korea, and global financial firms are participating.
KB Kookmin Bank explained that through this verification it secured the technology and operational experience needed to build global payment infrastructure. "Project Agora is a collaboration project in which global financial institutions jointly verify the potential of next-generation payment infrastructure," a KB Kookmin Bank official said. "We will respond preemptively to changes in the global financial environment and continuously strengthen our digital finance competitiveness."
