Kookmin Bank Signs Letter of Memorandum

By Mark Lemon – Cryptocurrency Dealer

KB Kookmin Bank, a leading South Korean commercial lender has signed a Memorandum of Understanding on June 10th in Seoul with Atomrigs Lab, a blockchain technology firm, in order to investigate digital asset protection and management solutions.

According to Yonhap News, the MoU declares that two partners will focus on new crypto-related businesses and digital asset market growth. No suggestions have been made but the companies could look to buy and sell cryptocurrency of their own with storage solutions.

Atomrigs Lab - a firm that specialises in the development of blockchain for the financial sector - has been using next-generation cryptography to make blockchain-based digital asset protection technologies. Many that buy crypto seek the greatest protection for their assets.

The report further states that both firms will go on making digital asset management services that will utilise KB Kookmin Bank's internal data protection technologies and control infrastructure of Atomrigs Lab’s technology. This is for a seamless service for buying crypto and storing within their facilities that are integrated with current systems.

Another interesting area to be touched upon is the development of an ecosystem that would blend both the blockchain and financial sectors.

KB Kookmin, as Yonhap reports, has already decided on its core technological focus by using the acronym “ABCDE”, which stands for artificial intelligence, blockchain, cloud, data, and ecosystem.

Digital transformation is already a high priority for the bank which was decided over a year ago. Though cryptocurrency is not included in the acronym, many are designed on top of a blockchain in which the company could still offer services for buying Bitcoin.

Last year, KB Kookmin Bank, as reported by Cointelegraph had come under regulatory scrutiny from Korea’s Financial Supervisory Service (FSS). The FSS, in a joint interview with fellow institution Nonghyup Bank had criticised the cryptocurrency transaction management of both banks when it came to anti-money laundering regulations. It appears the company many have neglected some crypto buying transactions for customer.

Interestingly, the FSS’s order for improvement was only for accounts that had contracted a real-name verification service instead of the crypto counterparty accounts.

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