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.