Kyobo Life Insurance and SBI Group Complete Japan-Korea Stablecoin-Based Cross-Border Fund Transfer Pilot
Kyobo Life Insurance announced on September 17 that it has completed the "Japan-Korea Stablecoin-Based Cross-Border Proof-of-Concept Project" in collaboration with SBI Group.
This proof-of-concept verified a structure that allows institutional funds to be transferred directly between Japanese yen and Korean won, without passing through the US dollar, by utilizing the Canton Network, a blockchain platform for financial institutions.
Previously, multiple currency exchanges were required, as yen had to be converted first into US dollars and then into won, increasing both time and transaction costs.
In this proof-of-concept, yen stablecoins were directly exchanged for won stablecoins. The process was validated using test tokens, enabling fund transfers without the need to pass through the US dollar.
This demonstrated the ability to shorten processing times for blockchain-based cross-border fund transfers, reduce costs by simplifying intermediary currency exchange procedures, and allow for real-time confirmation and tracking of transaction information. The project also verified an operational model for safely handling digital assets transferred from overseas and their associated settlement funds domestically.
Kyobo Life Insurance believes that, once the relevant legal frameworks and financial infrastructure are established, this proof-of-concept structure can serve as a foundation for enhancing the efficiency of international financial transactions and strengthening the transparency of fund flows.
Based on the results of this project, the two companies plan to explore additional cooperation in the Web3 ecosystem, including Japan-Korea digital asset exchanges, linking asset management, and discovering new business models based on actual transaction structures.
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A Kyobo Life Insurance representative stated, "Through this proof-of-concept, we confirmed the technical feasibility and efficiency of cross-border institutional fund transfers using stablecoins and blockchain technology. We will continue to expand our collaboration with SBI Group and proactively respond to changes in the Web3 financial infrastructure."
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