Toss Bank is joining hands with the Solana Foundation to test blockchain-based global remittance infrastructure. It plans to verify whether stablecoins can be used in overseas remittances and later expand cooperation to next-generation financial services such as payments and digital assets.

Toss Bank said on June 22 it signed a strategic memorandum of understanding with the Solana Foundation on cooperation for “blockchain-based next-generation financial infrastructure” at Toss’ Sinnonhyeon office in Seocho-dong, Seoul, on June 19.

The partnership is the first one-to-one strategic cooperation agreement directly signed between a South Korean internet-only bank and the Solana Foundation.

Toss Bank plans to verify step by step whether blockchain infrastructure can be applied to existing financial services using the Solana network.

Key areas of cooperation include proof of concept for Solana network-based global remittance and settlement infrastructure, a joint review of blockchain-based payment and settlement models, and a review of the potential for next-generation financial services using stablecoins and digital assets.

Toss Bank plans to review the feasibility of applying blockchain infrastructure across areas including payments, digital assets and tokenised assets, starting with overseas remittances, while responding to domestic moves to legislate stablecoin-related rules.

Park Jin-hyeon (박진현), head of strategy at Toss Bank, said the cooperation was a starting point for gradually applying blockchain-based digital financial infrastructure to the financial services it is already operating. He said the bank will work with Solana to verify the possibility of enabling experiences in global digital finance.

Lily Liu (릴리 리우), chair of the Solana Foundation, said she expects it to serve as an opportunity to create a new standard for a faster and smoother global remittance experience by combining the trust of traditional finance with the efficiency of blockchain.