KB Kookmin Bank, one of the biggest South Korean financial entities, announced the establishment of an alliance to promote financial operations tied to blockchain and mobile technologies. The South Korean financial institution unveiled a memorandum of understandings (MOU) with Bitcoin startups Circle and Coinplug –to work on Blockchain applications–. The agreement also covers a partnership with Trustonic, a company focused on developing mobile technology solutions. A representative from KB Kookmin Bank stated:
We are excited to work with the top tech companies in London, a hub of the fintech industry.
KB Kookmin plans to promote several financial ventures regarding Blockchain technology, while also developing mobile certification services. The Bank’s interest in Blockchain technology started when it announced in February its plans to develop a Blockchain platform to carry out international financial operations (transference of value and remittance services). With over 29 million clients the parent company South Korean KP Financial Group services more than 50% of the South Korean population. The conglomerate holds more than 1,000 local branches and holds a significant majority of fiat deposits, loans, and mortgages. On the other hand, Circle is regarded as the most financed Bitcoin startup, the company recently unveiled a $60 million fundraise, the money is coming from ventures and investment firms based in China.