KB Kookmin Bank, a commercial bank in South Korea, has inked a memorandum of understanding (MOU) with bitcoin services company Coinplug to provide cross-border foreign exchange services based on blockchain technology.
Additionally, the bank is planning to develop a blockchain-based overseas fund transfer and data storage service for the verification of the online bank account opening service.
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In October 2015, Coinplug secured an additional $5m from its series B funding.
KB bank said in a statement: "KB Kookmin Bank is on joint development with Coinplug for the efficient overseas remittance, based on blockchain technology to offer customers safer and faster foreign exchange services and this would be the first case in Asia.
"To prevent counterfeit and forfeit of online banking accounts, the regulation forces to use multifactor certification and to store the result of certification secure. The distributed ledger system could reinforce data restoration and integrity."
A representative of KB Kookmin Bank said: "The blockchain technology is a new trend and we are trying to adopt this technology in a low level of data integrity platform. We are planning to escalate our services further to provide more secure and comfortable financial services for our customers."
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