MOU
NongHyup Bank, FSI Build Digital Asset Partnership
Dong-A Ilbo |
Updated 2026.05.14
On the 14th at NH NongHyup Tower in Jongno-gu, Seoul, NH NongHyup Bank Vice President for AI & Data Division Kim Ju-sik (right) and Financial Security Institute Executive Director Oh Joong-hyo (left) pose for a commemorative photo after signing a business agreement. Provided by NongHyup Bank
NH NongHyup Bank and the Financial Security Institute are establishing a cooperative framework to enhance the stability and reliability of digital asset services.NongHyup Bank announced on the 14th that it has signed a memorandum of understanding (MOU) with the Financial Security Institute for technology verification and security enhancement of digital asset services.
This agreement was pursued based on the shared recognition by the two institutions that, amid the global trend of digital asset services spreading across the financial sector, balancing technological innovation with security is becoming increasingly important. The main areas of cooperation are: ▲ security inspections and security verification of digital asset services ▲ information sharing to build a safe operating environment for digital asset services ▲ exploring the business applicability of technology verification results.
NongHyup Bank plans to use this agreement as an important starting point for creating an environment in which customers can use digital asset services safely. In particular, this type of cooperation with the Financial Security Institute is the first among banks for NongHyup Bank. The Financial Security Institute plans to support the stable adoption of digital asset services within the financial sector through security inspections and related measures.
Kang Tae-young, CEO of NongHyup Bank, said, “In the era of digital assets, security is not a choice but a necessity,” adding, “Through close cooperation with the Financial Security Institute, we will develop digital asset services that customers can trust and use.”
Meanwhile, in addition to this agreement, NongHyup Bank is continuing systematic preparations across the entire digital asset spectrum, including the Bank of Korea’s “Project Han-gang,” the Bank for International Settlements (BIS) “Project Agora,” and the “Stablecoin-based Tax Refund Digitalization PoC.”
Project Han-gang, a pilot project for CBDC (wholesale central bank digital currency), is structured so that the Bank of Korea supplies digital currency as the final settlement asset for interbank transactions, and commercial banks issue deposit tokens using it as collateral. In addition, Project Agora, an international payment and settlement efficiency initiative led by the BIS, aims to improve legal, regulatory, time-zone, and technological inefficiencies in cross-border payments by utilizing tokenized deposits and wholesale CBDCs. It can be viewed as a global version of Project Han-gang.
The Stablecoin-based Tax Refund Digitalization PoC is a project in which NongHyup Bank is focusing on transforming the existing offline-centered refund procedures into a digital infrastructure.
Yoon Woo-yeol
AI-translated with ChatGPT. Provided as is; original Korean text prevails.
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