HashKey Group has signed a MoU with South Korean internet bank Kbank and blockchain company BPMG to develop digital asset business models and payment infrastructure.
The partnership will explore the use of Korean won stablecoins for cross-border payments and regional trade settlement.
Under the MOU, the three companies will divide operational roles to build and test the new financial infrastructure.
HashKey will use its institutional network to connect traditional financial institutions with digital asset service providers.
Kbank serves approximately 16 million customers. It will evaluate the compliance and feasibility of these business models within South Korea’s financial regulatory framework.
BPMG will lead the technical implementation through its US subsidiary ARACORE, focusing on stablecoin-based payment and settlement infrastructure.
Expanding HashKey’s regional digital asset network
The agreement forms part of HashKey’s broader strategy to connect digital asset markets across Asia.
The Hong Kong-headquartered company currently has business partnerships in the Philippines, Vietnam, Indonesia, Malaysia, Thailand and the UAE.
The companies said the collaboration aims to provide institutional users with more efficient, cost-effective and compliant digital asset settlement solutions.
The move also builds on previous proof-of-concept work by Kbank and BPMG on Korean won stablecoin-based cross-border payments in Thailand and the UAE.
Featured image credit: Edited by Fintech News Hong Kong, based on image by aldileonardo977 via Magnific
