KB Financial Group completes technical validation for Korean won stablecoin payments, settlements, and international remittances

ME News Report, May 17 (UTC+8), KB Financial Group announced the completion of a technical proof of concept for all stages including Korean won stablecoin payments, settlements, and remittances. Partners include electronic payment company KG Inicis, Kaia blockchain, and digital asset solutions provider OpenAsset. This validation is a comprehensive demonstration case that connects the entire financial service process from the issuance of Korean won stablecoins to offline payments, merchant settlements, and international remittances into a single process. Its feature is transitioning the internal settlement structure to a blockchain-based system while maintaining customers’ existing financial service usage methods. This actual payment model is realized through offline self-service payment terminals at chain coffee shop Hollys. The architecture design is: when consumers pay via QR code without needing to install a digital wallet, the settlement phase automatically executes blockchain smart contracts. Additionally, for overseas remittance validation, a new process has been implemented: first, using Kaia’s on-chain liquidity to exchange Korean won stablecoins for US dollar stablecoins, then remitting into actual bank accounts through local partners in Vietnam. Unlike the existing SWIFT remittance method, which takes several days, the entire remittance process can be completed in just 3 minutes, with fees reduced by approximately 87% compared to previous methods. (Source: PANews)