KB Financial Group Joins Project to Expand Payment Infrastructure Based on Deposit Tokens

[Digital Today Ji Young Lee Reporter] KB Financial Group has launched a project to build a deposit token payment infrastructure using the existing payment network. The bank was selected as a participant in the 'Blockchain Innovation Leadership Project' led by the Ministry of Science and ICT and Korea Internet & Security Agency (KISA). The project, conducted through a private consortium including commercial banks and electronic payment service providers, aims to establish a private infrastructure for utilizing deposit tokens in actual payments, building on the Central Bank Digital Currency (CBDC) demonstration by the Bank of Korea's 'Project Hanang'. KB Financial Group, which has the largest collaboration network with payment service providers and value-added network (VAN) companies among participating banks, expects to reduce payment fees for small businesses and shorten the settlement period from 1-3 days to immediate. The bank also plans to collaborate with blockchain and IT SMEs and startups to jointly develop technologies such as deposit token wallet integration, security solutions, and smart contract verification. KB Financial Group intends to expand into public sector projects, including the management of national treasury funds by the Ministry of Economy and Finance and pilot projects for government operational expenses.