KB Financial Group has successfully completed a technology validation for payments and remittances based on a won stablecoin. By integrating QR payments and overseas remittances into a single blockchain flow, the company is accelerating the establishment of financial infrastructure in preparation for the institutionalization of digital assets.
On May 17, KB Financial announced that it has successfully concluded a proof of concept (PoC) in collaboration with electronic payment firm KG Inicis, global Layer 1 blockchain platform Kaia, and digital asset solution provider Open Asset. This validation encompasses all stages of won stablecoin payments, settlements, and deposits.
The validation represents a comprehensive demonstration that connects the entire financial service process, from the issuance of the won stablecoin to offline payments, merchant settlements, and overseas remittances. It maintains the existing methods of customer financial service usage while transitioning the internal settlement structure to a blockchain-based system. KB Financial confirmed the practical applicability of financial services through the implementation of a real-world payment model for digital assets.
The real-world payment model was demonstrated through offline kiosk payments at the coffee chain Hollys. Consumers can make payments via QR codes without needing to install a separate digital wallet, with blockchain smart contracts automatically executed during the settlement phase.
In the overseas remittance validation, the won stablecoin was converted into a dollar stablecoin using Kaia's on-chain liquidity, and the process was completed by transferring it to a local partner in Vietnam, ultimately reaching a real bank account. Unlike the traditional SWIFT method, which can take hours to days, the entire process was completed in under three minutes, with fees reduced by approximately 87% compared to existing methods.
Based on this validation, KB Financial plans to enhance its operational capabilities to launch actual services promptly in line with the timing of relevant legislation and institutionalization of digital assets.
* This article has been translated by AI.
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