South Korea's KB Financial completes won stablecoin remittance test based on Kaia, reducing fees by 87% compared to SWIFT
Foresight News reported, according to Yonhap News Agency, that KB Financial Group has completed a technical proof-of-concept for the full process of Korean won stablecoin issuance, offline payment, merchant settlement, and overseas remittance. Partners include electronic payment company KG Inicis, Kaia public chain, and digital asset solution firm OpenAsset.
This proof-of-concept took place using Hollys coffee chain’s offline self-service terminals as the payment scenario. Consumers were able to pay via QR code without installing a digital wallet, with the settlement enforced automatically by blockchain smart contracts. In cross-border remittance testing, the Korean won stablecoin was swapped for US dollar stablecoin through Kaia chain liquidity and transferred to an actual bank account in Vietnam via a local partner, completing the process within 3 minutes—saving approximately 87% of fees compared to the traditional SWIFT method.
KB Financial stated that it will continue to improve its operational capabilities based on this proof-of-concept, and actual services will be launched immediately once digital asset-related regulations are implemented.
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