According to the recent news by Business Korea on June released on June 11th, South Korean commercial lender KB Kookmin Bank has signed a Memorandum of Understanding with blockchain technology firm Atomics Lab to jointly explore digital asset management and protection solutions.
The two partners will concentrate on digital asset market development and new crypto-related businesses, as stated by the local business news portal. As partners, Atomics Labs and KB Kookmin Bank will further collaborate on developing digital asset management services that connect both Atomics Lab’s technology and KB Kookmin Bank’s internal control infrastructure and data protection technologies.
Atomics Labs is a firm specializing in blockchain expansion in the financial sector, and has been working on blockchain-based digital asset defense technologies incorporating next-generation cryptography.
Another key area of cooperation will be the creation of an ecosystem that would merge the blockchain and financial sectors.
KB Kookmin has affirmed its core technological focus using the acronym “ABCDE” — standing for artificial intelligence, blockchain, cloud, data and ecosystem. The bank has allegedly made the promotion of digital alteration a priority as of last year.
A while ago Cointelegraph has previously stated that last year KB Kookmin Bank came under regulatory scrutiny from Korea’s Financial Supervisory Service (FSS). In its joint review of the bank and its associate domestic institution Nonghyup Bank, the FSS criticized both banks’ management of cryptocurrency transactions in regard to anti-money laundering regulations.
Notably, the FSS’ subsequent order for development applied only to accounts that had been contracted with a real-name verification service, not crypto counterparty (exchange) accounts.
The bank had previously faced scrutiny and inspections from Korea’s Financial Services Commission as part of a series of strict compliance checks on domestic banks dealing with crypto exchanges.