SBI and Kyobo Life Complete Cross-Border Yen-KRW Test Token Settlement Pilot, Bypassing US Dollar
OdailyOdaily News: SBI Holdings' Canton business subsidiary SBI Digital Practice and South Korean life insurer Kyobo Life have completed a cross-border pilot, directly exchanging yen-pegged test tokens for won-pegged test tokens in the Canton Network test environment.
The pilot covered the cross-border transfer, exchange, settlement, receipt, and holding of digital tokens, with funds transferred from Japan to South Korea without going through US dollar conversion. Kyobo Life said this is the first time the South Korean insurance industry has verified the full process of cross-border institutional fund transfer, exchange, and settlement.
The two parties plan to pursue further cooperation on digital asset exchange, overseas investment, asset management, and tokenized asset transfer. Kyobo Life also tested the process of receiving, storing, and managing digital assets and related settlement funds in South Korea. (Bitcoin.com News)
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