NongHyup Bank Participates in 'Pax Project' to Test Improvements in International Remittance

NH Nonghyup Bank announced on the 10th that it will participate in an inter-country remittance improvement test organized by Korea's Fair Square Lab and Korea Digital Asset Custody (KDAC), along with Japan's Progmatt.

This project is a test-type initiative that integrates digital assets into cross-border remittances to identify legal and technical improvement tasks. Since September last year, it has been led by major Japanese banks and conducted as a global private cooperation.

As it is a test, actual cash movement is not involved, but it will assess the practical applicability of digital assets, which has recently become a topic of public discussion. It is also expected to identify necessary improvements when integrating with existing financial systems.

An official from Nonghyup Bank stated, "The Pax Project is a great opportunity to test the feasibility of integrating digital assets with existing financial systems," adding, "Through participation in this global project, we will contribute to the healthy development of the digital asset market and the protection of users."

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