KB Kookmin Bank Issues $100 Million Blockchain Digital Bond, a First for South Korea’s Banking Sector

KB Kookmin Bank has issued a $100 million blockchain-based digital bond, marking the first such issuance by South Korea’s banking industry. According to Odaily, the bond was issued through HSBC’s digital asset platform Orion and is expected to later connect to the clearing and settlement system of the central securities depository under the Hong Kong Monetary Authority. KB Kookmin Bank said it will also use the Hong Kong Monetary Authority’s digital bond grant scheme to reduce part of the issuance costs. The bank said the issuance is part of KB Financial Group’s “transformation and expansion” strategy and follows the completion of a technical verification for won stablecoin payment and settlement, as it accelerates its digital finance transformation.