Calls have been raised for securing interoperability between existing bank networks and digital payment networks, and for overhauling the foreign exchange transaction system, to expand overseas remittances and international payments using stablecoins. Participants also said an institutional foundation is needed to reduce prefunding burdens in the remittance industry and to support real-time settlement.

The Korea Fintech Industry Association said on Tuesday it held a National Assembly seminar in Seoul's Yeouido district under the theme, "The stablecoin era and the future of South Korea's cross-border payments." The event, jointly hosted by Democratic Party lawmakers Jung Tae-ho and Ahn Do-geol, discussed changes in global payment infrastructure and how the domestic financial industry should respond.

Lee Keun-joo (이근주), head of the association's Cross-border Payment Council and chief executive of Hanpass, said differences in currencies, payment systems and regulatory frameworks in cross-border payments create costs and liquidity management burdens. To ensure stablecoin use leads to real user benefits, he stressed the need not only to link existing banking networks and digital payment networks, but also to establish frameworks for user protection, anti-money laundering and foreign exchange management.

Presentations also cited interoperability of payment and settlement infrastructure and securing data sovereignty as key tasks. Lee Eun-jin (이은진), Asia-Pacific director at Ripple, said settlement times can be shortened through delivery-versus-payment using tokenised assets and stablecoins, and through collateral transfers. She pointed to the importance of links between blockchains, regulatory compliance frameworks and securing liquidity between fiat currencies and stablecoins.

Jo Chang-hyun (조창현), chief executive of Oneself World, analysed that as payment and settlement structures shift toward digital wallets, rights to access and use transaction information and to control payments are becoming more important. Kim Eun-young (김은영), a partner at Roland Berger, presented business opportunities in payment and settlement using tokenised deposits and stablecoins, and in overseas payments and foreign exchange.

In a panel discussion that followed, participants discussed overhauling rules related to foreign exchange and virtual assets, easing prefunding burdens for small-sum overseas remittance operators, business-to-business international payments and real-time settlement, and ways to secure data and payment sovereignty.

Kim Jong-hyun (김종현), chairman of the association, said, "As stablecoins and blockchain technology spread, new opportunities are opening for domestic fintech companies in overseas remittances, payments and settlement." He added, "The association will also serve as a bridge linking the National Assembly, policy authorities, and the finance and fintech industries so that demand from the field can be reflected in policies and systems."