Suhyup Bank is testing FX remittances on Partior’s multi-currency settlement network under SOOHO.IO’s Project Namsan Phase 2.
The proof of concept gives the Korean bank’s FX and overseas remittance teams hands-on experience with an international settlement network that is already live.
Several other South Korean financial institutions are also discussing participation.
SOOHO.IO clarified that the programme is a proof of concept and not a production service.
What Project Namsan Phase 2 covers
Project Namsan is SOOHO.IO’s programme with Korean and international financial and technology firms to test digital asset payment and settlement technology. Phase 1 focused on domestic payments and settlement.
Phase 2 extends the programme to cross-border remittances and settlement using tokenised deposits, which are commercial bank deposits represented digitally on a blockchain.
Unlike newly issued stablecoins, tokenised deposits use existing bank deposits as the settlement asset. They retain the credit structure of the banking system while enabling 24/7 settlement.
Partior’s live network as the test rail
Partior’s multi-bank settlement network supports live transactions in USD, EUR and SGD, using tokenised commercial bank deposits as settlement assets.
It is built on ISO 20022, the international financial messaging standard that allows banks to exchange richer payment data, which SOOHO.IO said makes it compatible with existing FX operations.
Rather than relying on reference documents, participating institutions’ FX and overseas remittance teams will run the full transaction flow themselves, from payment initiation to settlement finality. They will assess both standard transactions and exceptions that could arise during daily operations.
Suhyup Bank is not the first Korean lender to engage with the network.
NH NongHyup Bank completed a simulation-based cross-border payments pilot on Partior in December 2025.
“This proof of concept gives Suhyup Bank the opportunity to validate 24/7 tokenised deposit settlement on infrastructure that already settles live commercial volumes across USD, EUR, and SGD,”
said Humphrey Valenbreder, CEO of Partior.
Where it sits in Korea’s tokenised deposit push
South Korea is making progress towards establishing a formal framework for tokenised deposits, with the Bank of Korea’s Project Hangang entering its second phase.
While the domestic initiative focuses on small-value payments, Partior supports international settlement between banks.
In Hong Kong, the HKMA earlier this month extended its EnsembleTX pilot to 24/7 interbank settlement of tokenised deposits in tokenised central bank money.
SOOHO.IO said Project Namsan Phase 2 participants will gain early experience with Partior’s international settlement framework and build an internal evidence base to prepare for future regulatory changes.
If the validation is successful, it could provide a basis for testing tokenised deposit FX remittances between Korean banks.
This could eventually allow financial institutions to test settlement flows involving the Korean won under near-real-world conditions, although Partior does not currently support KRW.
“Tokenised deposits have moved past the discussion stage around the world, which is why we’re starting this work in Korea,”
said Jisu Park, CEO of SOOHO.IO.
“Our aim is to let Korean financial institutions experience this rail first and prepare for it.”
Featured image credit: Edited by Fintech News Hong Kong, based on image by meshcube via Magnific
