SBI Digital Practice and Kyobo Life Complete Cross-Border Token Pilot on Canton Network

SBI Digital Practice, a Canton business subsidiary of SBI Holdings, and South Korean life insurer Kyobo Life completed a cross-border pilot in a Canton Network test environment, directly exchanging a yen-pegged test token for a won-pegged test token. According to Odaily, the pilot covered cross-border transfer, exchange, settlement, receipt, and custody of digital tokens, with funds moving from Japan to South Korea without converting into U.S. dollars. Kyobo Life said it was the first verification in South Korea's insurance industry of the full process for institutional cross-border transfer, exchange, and settlement. The two sides plan further cooperation on digital asset exchange, overseas investment, asset management, and tokenized asset transfers. Kyobo Life also tested procedures for receiving, storing, and managing digital assets and related settlement funds in South Korea.