AsiaBlockchain TechnologyFinTechSouth Korea
The blockchain effort was organized in part by the Korea Financial Investment Association, an industry trade group in South Korea.
Other members of the new group include Dongbu Securities, Yuanta Securities Korea and Kiwoom Securities.
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.
"With the creation of the consortium, momentum is expected to start for spearheading the development of technology and service in the blockchain field, rather than passively following the footsteps of advanced nations," FSC chairman Kim Yong-beom was quoted as saying by regional news service Yonhap at the time.
The firm said in a statement:
The new initiative is the second of its kind in South Korea, and its formation last week comes on the heels of a separate consortium initiative spearheaded by the South Korean government.
Some of the consortium's members, including Daishin Securities, have already pursued blockchain applications of their own or in tandem with regional startups. However, the consortium effort, with a current membership of 27 companies, takes those efforts one step further.
In late October, the East Asian country's government began putting the pieces in place for its public-private consortium, back by major South Korean banks and their top regulator, the Financial Services Commission (FSC).
Specific elements of the government-backed consortium include the formation of a task force drawn from the banking sector and other agencies that would ostensibly regulate the technology. Forums for information sharing and joint development of projects are also planned.
“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."
Seoul, South Korea, image via Shutterstock
Perhaps most notably, the government has expressed interest in seeking solutions to potential regulatory problems in conjunction with the consortium, suggesting that the group could become a focal point for blockchain development in South Korea.
A new blockchain consortium has been formed in South Korea, with both established finance firms and technology startups on its membership roster.
Repackaged XPan Ransomware Makes a Comeback in Brazil
Computer viruses and malware are known to evolve rapidly to stay a step ahead of antivirus and cybersecurity software. But sometimes hackers make a quick buck by reusing the same malicious
Bank of England Seeks Startups for DLT Privacy Projects
The UK's central bank is seeking startups to take part in distributed ledger projects focused on data privacy.
In a speech from 12th April and published yesterday, Bank of England governor Mark Car
Litecoin Prices Surge to 3-Year High As Tech Upgrade Nears
The price of litecoin surged to a more than three-year high earlier today.
Over the course of a particularly active session, the cryptocurrency, once marketed to as the "silver to bitcoin's gol
Cryptocurrency Market Cap > $30 Billion, an All-Time High
The combined market value of all cryptocurrencies in circulation has pushed beyond the significant milestone of $30 billion for the first time ever, underlining the ever-expanding interest in digital
Purse Launches Testnet for Bitcoin Scaling Tech 'Extension Blocks'
A new element was added to the bitcoin scaling debate this week when the developer team behind startup Purse announced the launch of a testnet to trial its scaling solution, extension blocks.
Charlie Shrem: Hold At Least 10 Bitcoins, Can Buy House in 30 Years
A couple of weeks ago Bitcoin legend Charlie Shrem hosted a BlockShow Europe 2017 which was organized by Cointelegraph Events in partnership with Deloitte Germany, nexussquared and BlockPay. The
SWIFT to Use Hyperledger for Joint Blockchain Payments Project
The global payment relay network SWIFT has announced it will use Hyperledger as a basis for simplifying international transactions. In a trial together with Australia and New Zealand Banking Group,
Breaking: SEC Will Review Decision of Winklevoss Bitcoin ETF Rejection
The securities and exchange commission has granted a request by the Bats BZX Exchange, Inc. to review its decision of disapproving the bitcoin ETF back in March this year. According to a document sign