MoonPay, KakaoBank Team Up on Blockchain-Based Overseas Remittances, Targeting U.S. Account Deposits Within 1 Hour
TECHWORLD ·
✦ AI Summary
MoonPay and KakaoBank will pursue cooperation to validate a blockchain-based overseas remittance and cross-border payments model.
The two companies will work by linking KakaoBank's domestic financial services with MoonPay's global receipt, conversion and payout infrastructure, and set a target of processing deposits into U.S. local bank accounts within 1 hour.
The collaboration will begin with a PoC for overseas remittances by international students and then expand into the distribution and payments of won-based stablecoins, as well as the trading, custody and swap of stablecoins based on various currencies including the dollar and the yen.
MoonPay and KakaoBank announced that they will pursue cooperation to validate a blockchain-based overseas remittance and cross-border payments model. The two companies plan to link KakaoBank's domestic financial services with MoonPay's global receipt, conversion and payout infrastructure.
The goal of this collaboration is to improve the efficiency of cross-border money transfers. The two companies set a target of processing deposits into U.S. local bank accounts within 1 hour.
The two companies will first jointly review the technical and commercial feasibility of blockchain-based overseas remittances. Under the service structure under review, KakaoBank will handle remittance procedures based on domestic regulations and institutional frameworks, while MoonPay will support overseas receipt, conversion and payout.
The expansion of the collaboration is planned to begin with overseas remittances and payments. Based on this, the two companies plan to broaden the scope of cooperation into the distribution and payments of won-based stablecoins.
In addition, the two companies plan to expand their cooperation into the trading, custody and swap of multicuurrency stablecoins. Starting with a review of overseas remittance and payment areas, this collaboration will be carried forward in a way that broadens the scope into the distribution, trading, custody and swap of stablecoins.
The collaboration will first proceed as a PoC (proof of concept) for overseas remittances by international students. After a remittance application is submitted in Korea, funds are transferred using stablecoins, then converted into dollars, and the converted dollar funds are deposited into a local bank account in the United States. The entire overseas remittance process is aimed to be completed within 1 hour, and the companies plan to verify the technical and commercial viability of overseas remittances through this effort.
The companies will then explore cooperation measures in the distribution and payments of won-based stablecoins. Going forward, they plan to identify stable business models related to the issuance and distribution of won-based stablecoins, taking domestic institutional and business requirements into account, and will examine the commercial viability of linking actual distribution and payment services for won-based stablecoins.
They also plan to expand the scope of cooperation beyond the won to stablecoins based on various currencies, including the dollar and the yen. Focusing on assets and countries where support is possible, they will review the possibility of cooperation in trading, custody and swap for stablecoins based on various currencies such as the dollar and the yen, and will also consider ways to link MoonPay's global distribution and payout infrastructure.
Lee Bugeon, MoonPay co-founder and head of Asia, said the key to cross-border remittances lies not in the use of digital assets itself, but in the fast and convenient connection of the entire process from the time a remittance is requested to the deposit into an overseas bank account. He added that the direction is to combine KakaoBank's domestic financial services with MoonPay's global conversion and payout infrastructure and, based on that, concretely verify how blockchain technology can improve the actual overseas remittance experience.
Source: TECHWORLD · Lee Gwang-jae
Original: https://www.epnc.co.kr/news/articleView.html?idxno=407500
References
This article was produced with the help of an automated content generation algorithm.
Source: TECHWORLD
View originalThis article was summarized and organized by BizCrush based on the original article from TECHWORLD. For exact quotations and full details, please refer to the original article.