South Korea's Toss Bank has signed a memorandum of understanding with the Solana Foundation to explore developing a blockchain-based financial infrastructure for global users.
Under the agreement, the internet-only bank will launch a phased initiative to integrate its existing financial services into a digital financial infrastructure, including a global remittance and settlement proof-of-concept using Solana, according to a statement shared with The Block.
The two parties will also review blockchain-based payment and settlement models and explore financial services using stablecoins and digital assets, per the statement.
In the first phase of the PoC, Toss will verify the technical feasibility of stablecoin remittances powered by Solana. In the following phases, the bank is set to test its infrastructure with overseas partners and further verify anti-money laundering and know-your-customer processes.
"This collaboration marks the starting point for a phased pilot project to apply a blockchain-based digital financial infrastructure to the innovative financial services Toss Bank already operates," Jin-hyun Park, head of strategy at Toss Bank, said in the statement. "We will work together to build a future where Toss Bank's 15 million customers can experience faster and more cost-effective global digital finance with Solana."
Toss Bank said the collaboration with Solana will further expand its overseas remittance services, which currently support 30 countries and seven major currencies.
The Solana Foundation has been actively partnering with major financial institutions in South Korea, including Shinhan Card and Hanhwa Asset Management. However, these partnerships remain in the PoC phase as local regulations on crypto are still in development.
"Moving forward, Toss Bank plans to proactively respond to domestic legislative trends regarding stablecoins," Toss Bank said in the press release.
"Beginning with the blockchain-based digital financial transformation of overseas remittances, the bank intends to expand its testing and implementation into various financial service sectors, including payments, digital assets, and tokenized assets," the bank added.
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