On June 19, Toss Bank announced that it signed a strategic memorandum of understanding (MOU) with the Solana Foundation at its office in the Seocho district of Seoul. This marks the first instance of a domestic internet bank directly collaborating with the Solana Foundation.
The two organizations will first pursue a proof of concept (PoC) in the global remittance and settlement sector. The initial phase will assess the technical feasibility of remitting stablecoins based on the Solana network. Toss Bank will leverage its experience in operating an internet bank to design user experiences, while Solana will provide the technological infrastructure.
Following this, the collaboration will expand to include integration verification of overseas partners, as well as anti-money laundering (AML) and know your customer (KYC) systems. They also plan to jointly explore blockchain-based payment and settlement models, discover financial services utilizing stablecoins and digital assets, and expand their long-term cooperation.
This partnership is seen as an effort by Toss Bank to enhance its competitiveness in overseas remittance services by integrating blockchain technology.
Toss Bank launched its "Visible Overseas Remittance" service in January, supporting transactions in 30 countries and seven major currencies. Notably, it offers real-time remittance and full tracking services within one hour for euros, Singapore dollars, and British pounds.
Through its collaboration with Solana, Toss Bank aims to expand the number of supported countries and currencies while validating the potential for building a faster and more cost-effective global remittance infrastructure.
Toss Bank plans to proactively respond to upcoming legislation regarding domestic stablecoins and intends to broaden the application of blockchain technology across various financial service areas, starting with remittances and extending to payments, digital assets, and tokenized assets (RWA).
Park Jin-hyun, Toss Bank's Strategy Head, stated, "This collaboration is a starting point for gradually applying blockchain-based digital financial infrastructure to our already operational innovative financial services. We will validate the possibility of providing our 15 million customers with faster and lower-cost global digital financial experiences."
* This article has been translated by AI.
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