08 October 2019 14:25, UTC

Major South Korean Bank KB Kookmin plans to integrate blockchain technology into its internal processes, according to a local news agency Korea JoongAng Daily.

The bank said the blockchain offers many benefits to the financial industry, including the issuance of digital tokens, financing, custody services and trading. Lee WOO-YEOL, Director of Information Technology at KB Kookmin, said the bank should take an active stance on the blockchain, adding:

“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 that will be.”

In June, KB Kookmin signed a memorandum of understanding with blockchain technology company Atomrigs Lab to jointly develop digital asset management services using Atomrigs Lab technology and KB’s internal control and data protection technologies.

Image courtesy of The Investor.kr

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