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Korean Bank signs MoU with bitcoin startup Circle to boost blockchain-based financial business

KB Kookmin bank, One of South Korea's largest banks has announced that it has signed a memorandum of understandings (MoU) with UK-based bitcoin startup Circle, in a move to promote blockchain related financial business.

According to a Korean media, the MoU was signed with Trustonic, a software company as well to encourage mobile certification. It was a trilateral agreement between KB Kookmin Bank, Korean tech company ATsolutions, and Trustonic. In terms of blockchain, the agreement was between KB Kookmin Bank, Korean tech firm Coinplug, and Circle UK.

The MoU was signed during Fintech Demo Day at London on July 22, which was sponsored by the Financial Services Commission.

“We are excited to work with the top tech companies in London, a hub of the fintech industry. KB Kookmin Bank will strive to provide our customers with new experience by adopting cutting edge technologies,” an official from the South Korean bank said as reported by Business Korea.

Trustonic is a British firm founded in 2012 by leaders in mobility and security – ARM, G&D and Gemalto. It has ownership of core technologies related to TrustZone on smartphones and has been in partnership with mobile phone makers and telecommunications including SK Telecom and Samsung.

Circle is a consumer finance company; building products aimed at enabling greater ease-of-use in online and in-person payments, with enhanced security and privacy, and the convenience of free, instant, global digital money transfers. The company is backed by $76 million from investors including Goldman Sachs, IDG China, Breyer Capital, Accel and General Catalyst.

By Sujha Sundararanjan
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