TechFlow News, May 17: According to Yonhap News Agency, KB Financial Group announced that it has successfully completed a full-process technical proof-of-concept (PoC) for the Korean won (KRW) stablecoin—from issuance and offline payments to merchant settlement and cross-border remittances—in collaboration with electronic payment provider KG Inicis, the Kaia public blockchain, and digital asset solutions provider OpenAsset.
This PoC upgraded the internal settlement infrastructure to a blockchain-based system while preserving customers’ existing financial service habits. Real-world payment scenarios were implemented via self-service kiosks at the连锁 coffee chain Hollys: consumers do not need to install a digital wallet—payments are made simply by scanning a QR code, and blockchain smart contracts are automatically executed during settlement.
In the cross-border remittance validation, the KRW stablecoin was first swapped for a U.S. dollar (USD) stablecoin using liquidity on the Kaia blockchain, then transferred via local Vietnamese partners into actual bank accounts. The entire process took only three minutes and reduced fees by approximately 87% compared to traditional SWIFT-based methods.
