iM Financial Group Achieves Korea's First Blockchain-Based Prepaid Payment PoC Success... "Strengthening Startup Discovery"

On April 20, iM Financial Group announced that it has successfully conducted Korea's first proof-of-concept (PoC) for a blockchain-based prepaid payment service. This initiative was carried out in collaboration with its affiliate iM Bank and 'Buchigo', a startup participating in its in-house fintech startup incubation program, 'Fium Lab'.

Before the institutionalization of stablecoins, the group achieved real-world application of blockchain payments for prepaid electronic payment instruments under the existing Electronic Financial Transactions Act. By fulfilling both technological innovation and financial regulatory requirements, iM Financial Group's hybrid strategy has delivered tangible results, effectively achieving two goals at once.

The blockchain-based prepaid payment service has been designed to operate on a structure where prepaid funds are linked to iM Bank's verified real-name accounts. It meets all requirements for identity verification, anti-money laundering (AML), and user protection regulations related to prepaid electronic payment instruments. Moreover, the system combines a blockchain distributed ledger with the trusted financial infrastructure required by the financial authorities.

iM Financial Group's ongoing hybrid strategy aims to create a financial model where the trust-based infrastructure of banks coexists with the technological agility of fintech, central settlement systems with distributed ledgers, and AI-native infrastructure with blockchain-native infrastructure.

To enhance consumer convenience, the group has implemented a simple payment process that enables payments to be completed by scanning a QR code, without the need to manually enter an amount. Prepaid funds are linked to iM Bank's real-name accounts, providing a level of stability equivalent to traditional banking transactions for processes such as charging, refunds, and transaction management.

Merchants can also benefit from a settlement structure based on a blockchain distributed ledger, which reduces payment fees and enables near real-time settlement compared to traditional card payments. Furthermore, lower commission rates allow merchants to simultaneously reduce both fee and cash flow burdens.

Through this service, iM Financial Group aims not only to demonstrate the technology but also to generate broader social benefits, such as strengthening the local economic ecosystem. By materially reducing payment-related costs for local microbusinesses and speeding up settlements, this structure enables reinvestment in the region’s financial infrastructure.

Additionally, iM Financial Group plans to establish a nationwide reference for blockchain payment infrastructure, thereby securing digital competitiveness on par with commercial banks.

Recognizing that it is difficult for startups to achieve such proofs of concept alone, and that it is equally challenging for an affiliated bank to implement blockchain solutions independently, iM Financial Group intends to strengthen its support for discovering and investing in promising startups through collaborative efforts.

Hwang Byung-woo, Chairman of iM Financial Group, stated, "This success is a forward-looking move in anticipation of tokenized securities institutionalization in 2027 and future stablecoin regulations. Implementing real-world proofs of concept within the current legal framework is the execution method of the iM Hybrid Strategy."

He went on to emphasize, "This is the first attempt in the conservative financial sector and a successful example of transferring startup innovation to Fium Lab. Going forward, we will strengthen our efforts to discover and invest in promising startups to transform into an innovation platform that grows together, moving beyond simple support."

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