The Bank of Korea is launching phase two of Project Hangang to build next-generation payment and settlement infrastructure based on a wholesale central bank digital currency and deposit tokens. The central bank aims to broaden use cases, expand participating banks and merchant sites, and improve convenience with person-to-person transfers and biometric access. It also plans to widen digital voucher applications and review potential use in public finance, AI-based services and digital asset transactions.

Digital asset-based fintech firm SuhoIO said on Tuesday it unveiled Tiko Pay, a next-generation travel payment platform designed to reduce the inconvenience foreign tourists face in South Korea when exchanging currency and making payments. The service uses PBM technology and a digital voucher system. Users can buy vouchers through the app and pay immediately at affiliated merchants without currency exchange. The company plans pilot campaigns in Gangnam-gu and gradual expansion to other visitor segments.