South Korean Bank, KB Kookmin, Shares Blockchain Strategy

KB Kookmin, a major South Korean bank is planning to adopt blockchain technology into its internal processes.

As reported by South Korean JoongAng Daily on Monday, the institution recently previewed the multitude of benefits to the financial industry that blockchain technology can provide at a conference dubbed the Enterprise Ethereum and Revolution in Banking Summit. Blockchain benefits included the issuance of digital tokens, funding, custodial services and trading.

In his opening address Hur Yin, CEO of KB Kookmin Bank, acknowledged, “The purpose of the financial service is to deliver valuable offerings to clients,” and, “I believe that the financial sector will be able to provide innovative services through blockchain.” 

Staying Ahead of the Tech

Lee Woo-yeol, Chief Information Officer, KB Kookmin, also introduced KB’s ongoing experiment in enabling technology to take the lead in providing financial services. He stated, “We see blockchain as a big wave that will disrupt finance in the future, we need to be ready for the moment when different types of assets turn into tokens, although we don’t know when they will be.”

Speaking further on the need to accelerate the adoption of new technologies, Lee emphasized, “The paradigm is shifting in finance.” He continued, “In the past, [companies] were able to catch up with new technologies, but that won’t be the case in the future unless they are prepared for them.”

Image via Shutterstock