KB Kookmin Bank Joins Second Phase of 'Project Han-Gang'... Kickstarting Expansion of Digital Currency Payments

Expansion of Digital Currency Payment Ecosystem
Based on KG Inicis Network
Participation in "Government Funds Execution Pilot Project"

On March 20, KB Kookmin Bank announced its participation in the second phase of "Project Han-Gang," a digital currency pilot project jointly organized by the Bank of Korea, the Financial Services Commission, and the Financial Supervisory Service.

In April of last year, KB Kookmin Bank participated in the first phase of Project Han-Gang, leveraging its own technological capabilities. By utilizing "deposit tokens" as a means of payment and settlement, the bank provided digital currency payment experiences at both online and offline merchants such as 7-Eleven, Kyobo Book Centre, Ediya Coffee, and Hyundai Home Shopping. In particular, the bank recorded the highest ratio among participating banks, with approximately 30% of users opening electronic wallets during the live transaction test.

Building on these achievements, the second phase of the project is focused on enhancing payment convenience in ways that customers can experience directly.

KB Kookmin Bank also partnered with KG Inicis, the largest payment gateway company in Korea, to lay the groundwork for expanding deposit token payments. The solution enables merchants to process payments using their existing infrastructure, without having to introduce additional terminals or modify their systems. As a result, merchants can expect greater settlement efficiency and cost savings, without incurring extra expenses or operational burdens.

If service stability is verified through upcoming testing, the scope of application is expected to gradually expand, leveraging KG Inicis's merchant network.

The public sector is also pursuing digital transformation. KB Kookmin Bank plans to participate in a "pilot project for government funds execution" to verify the process of handling business expenses for central government agencies using deposit tokens. Through this, the bank aims to assess improvements in the efficiency of public budget management and the transparency of budget execution.

A KB Kookmin Bank official stated, "Based on the data and partnerships accumulated through various pilot projects, we are gradually expanding the digital currency ecosystem," adding, "We will continue to enhance convenience and efficiency for both customers and merchants, thereby realizing a digital financial environment in everyday life."

This content was produced with the assistance of AI translation services.