Kookmin Bank Issues $100 Million Blockchain Digital Bond, First in Korean Banking Industry

Odaily reported that Kookmin Bank has successfully issued a $100 million blockchain digital bond, a first in the Korean banking industry. The bond was issued through HSBC’s digital asset platform Orion, and will subsequently be connected to the clearing and settlement system of the Central Depository and Settlement Institution under the Hong Kong Monetary Authority. Kookmin Bank will also utilize the Hong Kong Monetary Authority’s digital bond subsidy program to reduce part of the issuance costs. The bank stated that this issuance is part of KB Financial Group’s “Transformation and Expansion” strategy, and is accelerating its digital finance transformation following the completion of technical verification for Korean won stablecoin payment and settlement.