HashKey Group said it has signed a memorandum of understanding with South Korean internet bank Kbank and blockchain technology company BPMG Group, with the three parties set to cooperate on digital asset business model development and technical implementation in South Korea.
The agreement is part of HashKey’s “Asia Connect” strategy and focuses on linking major digital asset markets across Asia while supporting regional financial infrastructure coordination, according to the company.
Partnership to cover business design, compliance review and technical buildout
HashKey said it will use its institutional network services and industry insight to help connect traditional financial institutions with digital asset service providers, and to support the design and rollout of digital asset business models.
Kbank will evaluate whether those business models are compliant and feasible within South Korea’s financial environment. BPMG, acting through its U.S. subsidiary ARACORE, will lead business collaboration on the technical side, providing support and building the underlying payment and settlement infrastructure based on stablecoins.
The three companies plan to work together on expansion in the global digital asset market and explore use cases for a Korean won stablecoin in areas including cross-border payments and trade settlement.
Each party brings a different role in the South Korean market
HashKey described South Korea as one of the world’s most active digital asset markets. Kbank, one of the country’s representative internet banks, has about 16 million customers and experience in digital financial services.
BPMG is presented as a key technology company in South Korea’s blockchain and AI sectors. According to the announcement, BPMG had already worked with Kbank on proof-of-concept projects in Thailand and the UAE for cross-border payments based on a Korean won stablecoin.
HashKey said the new partnership combines its background in compliant digital asset infrastructure with Kbank’s banking service capabilities and BPMG’s technical strengths.
Asia Connect push expands into South Korea
HashKey said it has been building digital asset infrastructure around its Asia Connect strategy, with a focus on global licensing coverage, institutional-grade digital asset services and cross-jurisdiction operations.
The group said it already has business cooperation in the Philippines, Vietnam, Indonesia, Malaysia, Thailand and Dubai in the UAE. The new MOU with South Korean partners is expected to strengthen its ties with financial and technology institutions in the country and support broader cross-border payment, settlement and digital asset service scenarios across Asia.
HashKey said it will continue working to offer institutional clients in the region digital asset settlement solutions that are more efficient, more transparent and more cost-effective.
Company profiles
HashKey Group
HashKey Group describes itself as a mature integrated digital asset company in Asia, operating across licensed jurisdictions globally. It said it builds digital asset ecosystems through end-to-end financial infrastructure, technology and investment management, and provides trade facilitation, on-chain services and asset management through licensed digital asset platforms.
Kbank
Kbank is South Korea’s first internet bank. Founded in 2017, it offers fully digital banking services and has no physical branches. The bank has an exclusive real-name account partnership with Upbit, which the announcement described as South Korea’s largest cryptocurrency exchange. Kbank has more than 16 million users and is expanding into stablecoin-based cross-border remittance and Web3 business lines.
BPMG
BPMG is a technology company developing services in gaming, digital assets and financial infrastructure using blockchain and artificial intelligence. Founded in 2021, the company has completed a 7 billion won Series A financing round. Through its U.S. subsidiary ARACORE, BPMG is expanding global Web3 services and financial infrastructure operations while seeking partnerships with financial institutions and fintech companies worldwide.
The company also runs gaming operations through its subsidiary Blomics, with products including TalesRunner, Fortress 3 Blue, EOS RED and EOS BLACK.