In an announcement today, South Korea’s Financial Services Commission (FSC) – the country’s primary financial regulatory and authority – has revealed its plan to launch a blockchain-powered pilot project for financial services this year.
While details are scarce, a report by local publication Korea Herald points to implementing blockchain technology as the core infrastructure for a sweeping financial services platform.
The announcement comes just over a month after the formation of South Korea’s first blockchain consortium. A group of 21 financial investment companies and five blockchain technology firms signed a memorandum-of-understanding to develop distributed ledger solutions as a think tank for the Korean capital market.
The government-civilian consortium has been spearheaded by authorities like the FSC and the Korea Financial Investment Association. “It plans to embark on a pilot project in earnest this year,” stated FSC vice chairman Jeong Eun-bo.
The working group is a part of a wider, marked effort by the South Korean government to promote the country’s Fintech sector. Pledging three trillion won ($2.65 billion) in financial support for industry