Kookmin Bank Issues $100 Million Blockchain Digital Bond, a First for South Korea's Banking Industry

According to Odaily, Kookmin Bank has successfully issued a $100 million blockchain digital bond, a first for South Korea's banking industry. The bond was issued through HSBC's digital asset platform Orion. It will subsequently be integrated into the clearing and settlement system of the Central Moneymarkets Unit under the Hong Kong Monetary Authority. Kookmin Bank will also utilize the Hong Kong Monetary Authority's digital bond subsidy scheme to reduce some of the issuance costs. The bank stated this issuance is part of the KB Financial Group's “Transformation and Expansion” strategy, and accelerated its digital finance transformation following the completion of a technical verification for Korean won stablecoin payment and settlement.