KB Kookmin Bank, one of South-Korea’s largest financial institutions and subsidiary of KP Financial group, has partnered with blockchain solutions provider company Coinplug, to provide cross-border foreign exchange services that will utilize blockchain technology.

According to statements released by KB Kookmin Bank, a Memorandum of Understand has been signed between KB and Coinplug.

“KB Kookmin Bank is on joint development with Coinplug for the efficient overseas remittance, based on blockchain technology to offer customers safer and faster foreign exchange services and this would be the first case in Asia.”

Coinplug has several pending patents related to distributed ledger technologies. According to a CoinDesk report, Coinplug has raised a total $8.3 million in Series B funding. Coinplug provides a variety of other services such as access to bitcoin ATMs in the city of Seoul, and bitcoin gift cards.

KB Kookmin also mentioned that it is designing a blockchain-based identity verification system that will thwart the opening of online bank accounts with falsified documents.

“To prevent counterfeit and forfeit of online banking accounts, the regulation forces to use multifactor certification and to store the result of certification secure. The distributed ledger system could reinforce data restoration and integrity,”

According to an International business Times report, a representative from KB Kookmin Bank said that the bank has plans to develop other services that will make use of distributed ledger tech.

“The blockchain technology is a new trend and we are trying to adopt this technology in a low level of data integrity platform. We are planning to escalate our services further to provide more secure and comfortable financial services for our customers.”

Image credit: 1

If you liked this article follow us on twitter @themerklenews