South Korea’s NH Bank forms the Blockchain Financial Services Consortium

South Korea’s NH NongHyup Bank has announced a new consortium with a local law firm and a blockchain laboratory to jointly develop digital asset-based financial services.

According to the Korea Herald, on June 10, the bank signed a memorandum of understanding with law firm Bae, Kim and Lee, and developer blockchain Hexlant. The consortium intends to research and develop crypto currency exchanges.

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Cryptoexchanges are allowed
This follows the passage of a bill by the South Korean National Assembly in March, which focused on the introduction of a permit system for Bitcoin Storm exchanges.

To maintain a permit, exchanges will have to report their operations to the Financial Intelligence Unit after obtaining confirmed real name accounts from commercial banks.

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NH Bank sees this as an opportunity to enter and take a key position in South Korea’s crypt currency sector, as senior vice president Jang Seung-hyun explained:

„Through the consortium, we will intensify efforts to take the lead in the local cryptomoney industry.“

A long-time blockchain fan…

NH Bank has long been interested in the potential of blockchain technology; it joined the R3 Blockchain Consortium in December 2017.

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Earlier this year, it implemented a blockchain-based mobile identification system developed by Samsung for the identification of its staff.

However, the latter consortium marks the first direct intention to develop its own financial services in space.

South Korea’s NH Bank forms the Blockchain Financial Services Consortium
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