South Koreans Launch New National Blockchain Consortium


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The Korea Financial Investment Association launched a Blockchain consortium on last week at a launching ceremony along with 21 financial investment companies and five Blockchain tech firms. The comapnies signed an MOU so that their expertise can be shared for mutual benefits and the consortium can function as a leading Blockchain think tank in the local capital market.

Jung Suk-yee from Business Korea writes:

The IT Committee of the Korea Financial Investment Association is planning to share its Blockchain case studies and technical research results with the consortium as well. In addition, the committee is going to assist in the operation of the secretariat of the consortium and technical training sessions.

The secretariat is to work on business opportunity creation and platform establishment with the member companies. Its future research projects include those on the establishment of a common platform for personal authentication (2017), clearing and settlement automation (2018 and 2019) and over-the-counter trading (2020).

“This consortium is the first case in South Korea where multiple financial firms make use of Blockchain,” said NH Investment & Securities managing director Park Sun-moo at the ceremony, adding, “It will contribute to the realization of the essential value of Blockchain and maximization of the convenience, security and efficiency of financial transactions.”

The consortium’s creation comes when demand for Bitcoin in South Korea has risen and the country’s regulators are eyeing new Bitcoin regulationsin 2017. The government has also pledged $2.65 billion in funding through 2019 to help develop its own FinTech sector. 


About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including where hs is interim CMO,, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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