Kakaobank is preparing to enter the rapid growth of the South Korea’s rapid Korean, according to local reports.
In his earning call in the first half on Tuesday, Kakaobank’s financial director, Kwon Tae-Hoon, said the company is “actively considering” the roles both in the broadcast and custody of Stablecoin, with the participation aligned with the changing policy of digital assets of the country.
“We plan to actively participate in line with the changes in the market,” Kwon said, added that Kakaobank’s internal work group is working with other Kakao units to consolidate the strategy.
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The measure adds a regulated online bank to the list of Korean Fintechs that jump to Stablecoin’s career after the Korean Bank (Bok) filed its Central Bank Digital Pilot (CBDC) in June.
The project, as reported above, had reached the test phase with commercial banks and stopped abruptly after the administration of President Lee Jae-Myung presented a legislation that allowed the local issue of stable.
Kwon emphasized the technical preparation of Kakaobank, noting that the company had participated in both phases of the Bok pilot now canceled.
“We build and operate wallets and handle exchanges and transfers,” he said, pointing to the operational experience that most companies in the sector still cannot claim.
He also cited three years of compliance work that issued real name accounts for cryptographic exchanges, which gives the bank an advantage in the implementation of the type of KYC and AML Frameworks the regulators who demand fiducia tokens.
Kakaobank is part of a weekly working group focused on the stable within the Kakao ecosystem, working with Kakapay and the parent group. The CEO Chung Shin-Ah (Kakao), Shin Won-Kun (Kakapay) and Yoon Ho-Young (Kakaobank) are leading the initiative.
The Stablecoin pivot has lit a wave of speculation and retail activity in the markets of Korea. Circle’s actions, which were made public in June, became the most purchased foreign equity among Korean retail investors.
This movement is happening in the Parelos Stablecoin plans of Hong Kong, where local businesses are aligning to obtain an issuance license after the interests in the CBDC of the Popular Bank of China did not materialize.
