First in the Card Industry to Pursue Cooperation on Deposit Token-Based
Digital Financial Infrastructure Research and More
KB Kookmin Card said on Monday that it had become the first company in the card industry to sign a memorandum of understanding (MOU) with the Bank of Korea to advance digital financial infrastructure.
The agreement was established to jointly explore ways to develop financial infrastructure that can respond to advances in digital technology and changes in the payments environment, and stably support new digital payment services. The two institutions will work together to develop ways to enable new digital payment methods, such as deposit tokens, to be used innovatively and at scale.
Under the agreement, the two institutions plan to pursue measures to build digital financial infrastructure that is user-friendly for both consumers and merchants by leveraging KB Kookmin Card’s experience in operating infrastructure and services; explore ways to provide digital financial services that comply with regulations and protect the rights of financial consumers; and exchange information and cooperate to advance digital financial services.
The specific scope of work and implementation plans will be discussed separately at a later date, in accordance with relevant laws and regulations and each institution’s internal procedures.
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A KB Kookmin Card official said, “With this agreement, we will explore various ways to cooperate with the Bank of Korea in responding to changes in the digital financial environment,” adding, “We will continue working to create a safe and convenient payments environment and contribute to the development of future financial infrastructure.”
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