South Korea’s internet-only bank signs strategic MOU with Solana to pilot stablecoin-based overseas transfer, aiming to blend traditional finance with Defi efficiency
Toss Bank joined hands with the Solana Foundation to embark on blockchain based global remittance infrastructure. It plans to verify whether stablecoins can be used in overseas remittance and later expand cooperation to the next generation financial service such as payment and digital assets.
Toss Bank said on June 22nd 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, June 19th.
This partnership was confirmed by the Solana Foundation through their post on X(formerly twitter) on June 22nd which they made known to their users.
Post from Solana official X handle @X
The partnership is the first one-to-one strategic cooperation agreement directly signed between a South Korean internet-only bank and Solana foundation.
Toss Bank plans to verify whether blockchain can be applied to existing financial services using the Solana.
Toss Bank plans to review the feasibility of applying blockchain infrastructure across areas including payments, digital assets and tokenised assets, starting with oversea remittances, while responding to domestic moves to legislate stablecoin-related rules.
“The cooperation was a starting point for gradually applying a 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.”
Said Park Jin-hyeon, head of strategy at Toss Bank.
Lily Liu, 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.
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