KakaoBank is researching the issuance and custody of digital assets, while also developing a stablecoin pegged to the South Korean won.
This online bank belonging to a major South Korean technology group has participated in the CBDC testing program of the central bank and fully integrated KYC and AML processes in its operations. Positive business results in the first half of 2023 help KakaoBank strengthen its position.
MAIN CONTENT
KakaoBank is assessing the ability to issue and custody digital assets.
Collaboration to develop a won stablecoin within the group's working group.
Operating profit increased by 11% with a large user base and KYC, AML experience.
What research is KakaoBank conducting on digital assets?
KakaoBank is in the process of assessing the ability to issue and hold digital assets.
Mr. Kwon Tae-hoon, CFO, presented at the mid-2023 business results conference that KakaoBank is considering the market approach for stablecoins in won as well as opportunities for custody of digital assets in the DeFi ecosystem. This is a strategic move to expand the digital financial services of the online bank belonging to a leading South Korean technology group.
At the same time, the bank is also applying experience from the central bank's digital currency (CBDC) testing program to enhance operational capacity with new technologies and meet important standards such as KYC and AML.
How does KakaoBank cooperate with the group's stablecoin development team?
The bank is collaborating with the group's stablecoin research team to develop a stablecoin using the South Korean won.
This collaboration demonstrates a strategy for developing integrated digital financial services within the group's ecosystem, leveraging advantages in technology and the domestic market. The won stablecoin is expected to enhance liquidity and the application of digital assets in the South Korean economy.
The development of stablecoins pegged to the local currency is an important step for KakaoBank to establish a leading position in the digital finance trend in South Korea.
Mr. Kwon Tae-hoon – CFO of KakaoBank, 6/2023
Through internal collaboration and the adoption of new technologies, the bank not only strengthens regulatory safety but also expands the trading and custody ecosystem of digital assets for the general public.
What is KakaoBank's business performance in the first half of 2023?
Operating profit increased by 11%, reaching 353.2 billion won in the first half of 2023.
KakaoBank recorded a stable growth rate with total deposits reaching 63.7 trillion won and approximately 25.86 million customers. These figures reflect user trust and the operational effectiveness of the online bank in a competitive financial environment.
In addition to increased revenue, the risk management system through customer authentication (KYC) and anti-money laundering (AML) supervision helps the bank maintain its reputation and strictly comply with domestic financial regulations.
What is the role of KakaoBank in the digital currency pilot program of the Bank of Korea?
KakaoBank has participated in the digital currency testing program of the Bank of Korea (CBDC).
This participation helps KakaoBank accumulate experience in operating digital currency technology, enhancing its control and risk management capabilities according to international standards. This is also an important foundation for the bank to build services related to digital assets that meet user expectations and regulatory requirements.
Frequently Asked Questions
When does KakaoBank plan to issue stablecoin?
The bank is in the evaluation phase and coordinating with the working group, with no specific time for announcement yet.
How do KakaoBank's KYC and AML experiences affect the development of digital assets?
This experience helps KakaoBank ensure safety and compliance when custody and issuing digital assets.
What is the current number of KakaoBank users?
Approximately 25.86 million customers are using KakaoBank's services as of the first half of 2023.
What digital currency programs has KakaoBank participated in?
The bank participated in the digital currency testing program of the Bank of Korea (CBDC).
What was KakaoBank's operating profit in the first six months of 2023?
Operating profit increased by 11%, reaching 353.2 billion won in the first half of 2023.
Source: https://tintucbitcoin.com/kakaobank-xem-xet-phat-hanh-stablecoin-won/
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