The recently formed R3 CEV Consortium project is rapidly gaining more followers, considering the fact that the Hana Financial Group will be the first Korean institution to join the project.

To put things better into perspective, R3 CEV represents a venture formed a couple of months ago, meant to research and implement blockchain technology into financial transactions. Currently, the platform consists of important financial firms from all around the world, including JPMorgan Chase & Co, the Goldman Sachs Group Inc., Bank of America Corp, Morgan Stanley, Citygroup Inc., and UBS AG.

By joining the consortium, the Hana Financial Group aims to adopt the technology and use it for various purposes such as security verification and overseas remittance services. In a recent press report, a Hana Financial Group official stated that: “The company expects to cut costs down by adopting blockchain technology to return the benefits to customers.”

While the Hana Financial Group may be the first Korean one to join this consortium, in the last couple of weeks, Asian companies have been taking aggressive steps towards the virtual financial market, via various strategies, such as collaborating with fintech companies that specialize in the blockchain technology. In fact, the KB Financial Group invested $1.3 million in a local blockchain technology venture known by the name of Coinplug Inc., whereas banks and other institutions invested large sums into buying fintech-related shares. Additionally, SBI Ripple Asia alongside with SMB Holdings Inc., have formed a joint venture, meant to enter the Asian market.

Based on everything that has been outlined so far, interesting development can be seen on this side of the market. What do you personally think about the Hana Financial Group joining the R3 CEV Consortium? Let us know your thoughts in the comment section below.

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