Search results for KG Inicis
Crypto
KB Financial completes verification of stablecoin payments and remittances from issuance
KB Financial Group has completed a technology verification covering the full process from payments and settlement to overseas remittances based on a won stablecoin. The group said it carried out the proof of concept with KG Inicis, Kaia and OpenAsset. The model linked stablecoin issuance, offline QR payments and merchant settlement. For remittances, it converted won stablecoins into dollar stablecoins and sent funds to a bank account in Vietnam, completing the process within 3 minutes.
Finance
E-payment fees edge down, but price-cutting rivalry still limited
Payment fees charged by electronic financial service providers in South Korea fell slightly, but competition among operators to cut rates remains limited, a disclosure showed. The average payment fee rate for 18 providers from September to February was 1.98 percent for cards and 1.74 percent for prepaid. Differences were clearer for small merchants, with Kakao Pay applying the lowest card fee rate among three major simple payment firms.
Crypto
KB Kookmin Bank joins phase 2 of Project Hangang, stepping up digital currency rollout
KB Kookmin Bank said on Thursday it will join Phase 2 of the Bank of Korea’s digital currency pilot, Project Hangang, being pushed with the Financial Services Commission and the Financial Supervisory Service. The bank said it tested deposit-token payments in Phase 1 and recorded about 30 percent of wallet openings in real transactions, the highest among participating banks. Phase 2 will focus on improving payment convenience and expanding use through cooperation with PG firm KG Inicis.
