Major South Korean commercial lender KB Kookmin Bank has signed a Memorandum of Understanding with blockchain technology firm Atomics Lab to jointly explore digital asset management and protection solutions. The news was reported by local business news portal Business Korea on June 11.
The MoU — signed yesterday, June 10, in Seoul — establishes that the two partners will focus on digital asset market growth and new crypto-related businesses.
According to Business Korea, Atomics Labs is a firm specializing in blockchain development for the financial sector, and has been developing blockchain-based digital asset protection technologies using next-generation cryptography.
The two firms will further cooperate on developing digital asset management services that harness both Atomics Lab’s technology and KB Kookmin Bank’s internal control infrastructure and data protection technologies, the report notes.
Another key area of cooperation will ostensibly be the creation of an ecosystem that would bridge the blockchain and financial sectors.
As Business Korea notes, KB Kookmin has determined its core technological focus using the acronym “ABCDE” — standing for artificial intelligence, blockchain, cloud, data and ecosystem. The bank has reportedly made the promotion of digital transformation a priority as of last year.