KB Kookmin and NH NongHyup Banks Join 'Deposit Token-Based Payment Infrastructure Expansion Project'

Promoted in Collaboration with the Ministry of Economy and Finance and the Bank of Korea
Driving the Adoption and User Convenience of Deposit Token Payments
Implementation of QR Code-Based Payment Services

KB Kookmin Bank and NH NongHyup Bank will participate in the 'Deposit Token-Based Payment Infrastructure Expansion Project'.

ATMs from major commercial banks are installed on a street in downtown Seoul. Photo by Yongjun Cho jun21@

According to the financial industry on the 23rd, KB Kookmin Bank has been finally selected as a participating institution in the 'Deposit Token-Based Payment Infrastructure Expansion Project', which is part of the 'Blockchain Innovation Leading Project' operated by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA).

This project is a digital finance innovation initiative promoted in cooperation with the Ministry of Economy and Finance and the Bank of Korea. Its goal is to provide a private sector payment infrastructure that the public can use in daily life, based on the institutional CBDC (Central Bank Digital Currency) deposit token validation experience established through the Bank of Korea's 'Project Han-gang'.

KB Kookmin Bank aims to drive the adoption and user convenience of deposit token payments. Among the participating banks, it has established the most extensive collaboration system with payment gateway (PG) companies and VAN (Value Added Network) companies. In addition, by utilizing existing payment networks, the bank plans to support merchants so that they can accept deposit token payments without replacing their terminals or overhauling their systems. Through these efforts, KB Kookmin Bank expects to reduce payment processing fees for merchants operated by small business owners and to shorten the settlement cycle—which previously took 1 to 3 days—to enable immediate settlement, thereby contributing to the revitalization of the real economy.

NH NongHyup Bank will participate in this project by forming a consortium with the Korea Financial Telecommunications & Clearings Institute. In collaboration with the consortium, the bank plans to implement QR code-based payment services and actively use the existing payment infrastructure to promote the widespread adoption of deposit token-based payment services. Furthermore, the bank intends to expand the scope of application into the public sector by linking the experience gained from this project to the Ministry of Economy and Finance's national treasury management policies.

An NH NongHyup Bank official explained, "This project will serve as an important opportunity to connect deposit tokens, which have been validated through the Bank of Korea's 'Project Han-gang', to services that the public can experience in real life."

This content was produced with the assistance of AI translation services.