KB Kookmin Bank has successfully completed a cross-border payment experiment using deposit tokens in collaboration with Japan's MUFG Bank.
On July 30, Kookmin Bank announced that it had verified cross-border payment scenarios as part of its participation in 'Project Agora,' a joint initiative by the Bank for International Settlements (BIS) and the Institute of International Finance (IIF).
Project Agora aims to validate the efficiency and stability of cross-border payments using deposit tokens and tokenized central bank reserves.
Kookmin Bank worked with MUFG to test a deposit token payment scenario based on the Japanese yen. This marks the first time a domestic commercial bank has conducted a foreign currency payment test with an overseas bank using deposit tokens. The bank plans to participate in the next phase of Project Agora to further validate related technologies and business models.
A Kookmin Bank official stated, "This experiment confirmed the potential of next-generation payment infrastructure in collaboration with global financial institutions. We aim to respond to changes in the cross-border payment market and enhance our digital financial competitiveness."
* This article has been translated by AI.
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