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Crypto

Lambda256 launches digital asset-linked settlement verification project with K Bank and KSNET

Lambda256, a Dunamu affiliate and blockchain company, said on July 7 it has begun a proof of concept with K Bank and KSNET on a digital asset off-ramp and on-chain AML and fraud detection technology. The project tests whether financial institutions can operate a model that converts settlement funds into won after digital asset payments. It covers FX application, settlement request creation, AML/FDS checks, payout approval, on-chain settlement and monitoring with suspicious transaction reporting.

Finance

Korea FX market goes 24 hours, putting brokerage risk management to test

South Korea’s onshore won-dollar foreign exchange market shifts to 24-hour trading from July 6, allowing exchange rates to adjust overnight to global events and U.S. data. Authorities and the Bank of Korea expect better access for foreign investors as won funding and FX become available in New York and London hours. Brokerages face demands for overnight currency conversion, tighter foreign-currency position management and stronger dealing, systems and staffing.

Finance

Hana Bank checks operations on first day of 24-hour forex market launch

Hana Bank said it has fully activated its foreign-exchange trading response system in line with the launch of 24-hour trading in South Korea’s won-dollar market. The domestic won-dollar market shifted to a round-the-clock system from Monday, allowing participants to trade at Seoul’s real-time exchange rates without time limits. Deputy Prime Minister Koo Yun-cheol and Bank of Korea Deputy Governor Assistant Kwon Min-soo visited the bank’s dealing room and reviewed extended-hours conditions.