Danal Partners with VASP Inex to Build Stablecoin Payment and Settlement Network

From left, Jaekang Lee, CEO of Inex, and Changyong Jin, Executive Vice President of Danal.

Danal is joining forces with virtual asset service provider (VASP) Inex to build a stablecoin-based payment and settlement infrastructure. The strategy is to combine Danal’s electronic payment gateway (PG) and prepaid electronic payment instrument business with Inex’s digital asset infrastructure to target the digital asset payment market within the regulatory framework.

On September 2, Danal announced that it had signed a memorandum of understanding (MOU) with digital asset financial infrastructure company Infinity Exchange Korea (Inex) to integrate stablecoin and other digital asset-based payment and settlement infrastructures.

The core of this partnership is to establish digital asset payment and settlement services leveraging Danal’s electronic financial business license and Inex’s VASP license. Both companies plan to commercialize payment services using stablecoins within the system of regulated financial compliance.

To start, Danal will enable stablecoin payments at its affiliated merchants and pursue payment and remittance services targeting foreign visitors and international students in Korea. The companies also plan to gradually introduce “T+0 settlement,” enabling real-time same-day settlements for merchants using a digital asset settlement network.

The collaboration will also include software-as-a-service (SaaS) offerings related to know-your-customer (KYC/KYB) and anti-money laundering (AML) processes by leveraging Inex’s compliance engine.

In particular, Danal aims to expand the inbound payments market using “K.ONDA (KONDA),” its recently launched prepaid card exclusively for foreign visitors. By integrating Danal’s nationwide merchant payment network with Inex’s digital asset-based backend infrastructure, the companies intend to enhance payment convenience for foreign tourists and residents in Korea.

The two companies also plan to strengthen regulatory compliance in the digital asset payment process. They will apply real-name verification, customer and corporate verification, anti-money laundering measures, and fraudulent transaction detection systems (FDS) in accordance with relevant laws, including the Electronic Financial Transactions Act, the Act on Reporting and Use of Specific Financial Transaction Information, and the Digital Asset User Protection Act.

Additionally, they will address risks such as money laundering and suspicious transactions in digital asset payments by implementing travel rule compliance, real-time transaction monitoring, on-chain transaction tracking, and institutional-grade custody systems.

Going forward, they are considering applying for designation as an innovative financial service with the Financial Services Commission. They also plan to solidify services in line with the implementation schedule of the Digital Asset Basic Act and expand their collaboration into areas such as payments and settlement automation using artificial intelligence (AI) agents.

Changyong Jin, Chief Business Officer at Danal, stated, “Cooperating with Inex, which possesses digital asset-related licenses and expertise, will mark a turning point in building a compliant digital asset payment ecosystem within Korea’s financial system. By sequentially integrating stablecoin payments into Danal’s payment infrastructure and specialized services like KONDA, we will lead the next-generation digital asset payment market.”

Jaegang Lee, CEO of Inex, said, “By combining PG and VASP, this collaboration presents a model for implementing digital asset payments based on financial-grade compliance. Together with Danal, we aim to build a reference for settlement that can be adopted by traditional financial institutions, payment companies, and fintechs.”

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