Kyobo Life Insurance discusses blockchain financial cooperation with SBI Holdings, Circle, and Bidax

(Seoul = Yonhap News) Reporter Kang Soo-ryun = Kyobo Life Insurance announced on the 2nd that it discussed technology verification and new business cooperation plans for the application of financial services such as stable coins and real-world assets (RWA) with Japan's SBI Holdings, Circle, and digital asset custodian BDACS.

Kyobo Life Insurance held a 'Bridging Finance Onchain' event with Japan's SBI Holdings, Circle, and Bidax at the Four Seasons Hotel in Seoul on the 1st, sharing the direction of each company's digital finance business and discussing future cooperation plans.

They agreed that in order for blockchain-based finance to spread into actual financial services, clear regulatory standards, financial institution-level internal control, consumer and investor protection systems, and stable payment and settlement infrastructure must be established. They also agreed on the need to secure sufficient liquidity to form a market for tokenized assets and expand cooperation between financial institutions and technology companies.

At the event venue, an experience program was also operated where attendees opened a digital wallet (electronic wallet) on the Kyobo Life Insurance app and were issued an event non-fungible token (NFT).

Kyobo Life Insurance plans to use this event as an opportunity to materialize technology verification and new business cooperation in the stablecoin, RWA, and blockchain-based finance fields with domestic and foreign financial and digital asset companies.

Jin-ho Park, Vice President of Kyobo Life Insurance, said, "As life insurance companies must keep their promises to customers for decades, it is important for on-chain (blockchain-based) finance to also have long-term trust and sustainability. We hope that this event will be the starting point for partnerships that lead to actual business."