Korea Financial Investment Association launches blockchain consortium

Investing | December 13, 2016 By:

The Korea Financial Investment Association successfully completed the launch of a consortium that will include five blockchain firms and twenty-one financial investment firms.

The IT Committee of the Korea Financial Investment Association is planning to share its blockchain case studies and technical research results with the consortium as well. In addition, the committee is going to assist in the operation of the secretariat of the consortium and technical training sessions.

According to one of the group’s members – blockchain startup The Loop – the new initiative will focus some of its efforts on building tools for managing trade finance processes.

“Beyond providing [the] blockchain-based authentication and information sharing system, we collaborate with other technology providers on developing a prototype for financial services in areas of securities trade and post trade, the prototype that is to reduce the cost and operational risk in trade finance, and ultimately improve trade efficiency,” The Loop said.

NH Investment & Securities managing director Park Sun-moo and Daily Intelligence CEO Lee Kyung-joon presented the signed MOU at a blockchain consortium launch on December 7, 2016. The secretariat will work on business opportunity creation and platform establishment with the consortium member companies. It plans to involve in future projects including those on the establishment of a common platform for personal authentication (2017), clearing and settlement automation (2018 and 2019), among others.