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Kookmin Bank to use blockchain technology

South Korea’s KB Kookmin Bank, ranked as one of the four biggest commercial banks by assets in the country, is developing a new foreign exchange business model based on blockchains using technology from Bitcoin services provider Coinplug. The bank said it has entered into a MoU with Coinplug in this regard. Analysts said the MoU is targeting payments and overseas remittance payments and there was no mention of Bitcoin the currency but it said there are possibilities for doing KYC using a ‘public blockchain network’. The bank said in a statement it is into a joint development with Coinplug for the efficient overseas remittance, based on blockchain technology to offer customers safer and faster foreign exchange services. It also said it has announced earlier it is planning to develop overseas fund transfer and data storage service for the verification of the online bank account opening service based on distributed ledger technology of public blockchain network.

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