SBI and Kyobo Life Complete JPY-KRW Test Token Cross-Border Settlement Pilot, Bypassing the US Dollar

Odaily News: SBI Digital Practice, the Canton business subsidiary of SBI Holdings, and South Korean life insurer Kyobo Life have completed a cross-border pilot, directly exchanging JPY-pegged test tokens for KRW-pegged test tokens in the Canton Network test environment.

The pilot covered the cross-border transfer, exchange, settlement, receipt, and custody of digital tokens, with funds transferred from Japan to South Korea without going through a USD conversion step. Kyobo Life stated that this is the first time South Korea's insurance industry has verified the full process of institutional cross-border fund transfer, exchange, and settlement.

The two parties plan to pursue further cooperation around digital asset exchange, overseas investment, asset management, and tokenized asset transfer. Kyobo Life also tested the process of receiving, storing, and managing digital assets and related settlement funds in South Korea. (Bitcoin.com News)