Aug 8, 2019 20:46 UTC
Aug 8, 2019 at 20:46 UTC
South Korean Bank to Use Blockchain for Unlisted Shares Trading
Koscom, the finance-oriented IT firm from South Korea is all set to develop a whole new blockchain-based platform that will allow for users to trade on securities that are not listed. Koscom is backed by the state and it plans to start blockchain-powered trading on unlisted shares this year itself.
Koscom had originally been launched by the Ministry of Finance, South Korea, and receives a considerable degree of backing from the Korea Exchange. Now, it is planning to create this blockchain platform and launch it by the second half of this year. A local newspaper from South Korea has reported on this development recently.
As the said report elucidates, six organizations and companies from within the country itself are taking part in this new initiative. This includes Koscom, Hana Bank, Hana Financial Investment, Daejeon Technopark, Amicus Lex, and a local alliance of acceleration services. Two of these, the Hana Financial Investment, and the KEB Hana Bank, are basically subsidiaries of the famous Hana Financial Group, which happens to be one of the largest bank holding companies operating in the country.
As the press release elaborates, the project is geared towards assisting companies of both small and medium scales, so that they can expand their capacities in the field of security trading. The new platform will allow them to have a cost-effective platform that has a robust security and great deal of accessibility in terms of allowing trades on unlisted securities.
Blockchain is increasingly being used by banking institutions today, to cut down on costs, improve security and make transparent transactions a reality and this is just yet another example of the same.