OK Savings Bank Prepares for Korean Won Stablecoin with Danal Partnership

Exploring Business Models in Southeast Asia
Danal Payment and OK Blockchain Technology Collaboration

OK Savings Bank, a subsidiary of OK Financial Group, is exploring new business opportunities in the Korean won stablecoin sector.

Jung Gilho, CEO of OK Savings Bank (second from right), and Jin Changyong, CEO of Danal Business Division (second from left), along with key executives from both companies, are taking a commemorative photo at the "Digital Finance Cooperation Enhancement Agreement Ceremony" held on the 18th at the OK Savings Bank headquarters in Jung-gu, Seoul. OK Savings Bank

On July 18, OK Savings Bank announced that it had signed a business agreement with Danal, an integrated payment business company, to strengthen cooperation in digital finance.

The two companies agreed to pursue joint ventures in blockchain and financial services based on digital technology, and to explore various ways to create synergy together.

Danal is a company with a stable payment service and a wide range of online and offline merchants across various sectors. Recently, it has been actively developing new businesses such as a "prepaid card for foreigners" tailored to foreign tourists and workers, and a B2B (business-to-business) prepaid issuance and management service called "white labeling." The company is also advancing its virtual asset payment services and has filed for trademark rights.

The two companies plan to first develop business models in Southeast Asian markets such as Indonesia and Cambodia, where OK Financial Group subsidiaries are already operating.

They intend to actively research trends in digital-based new businesses, including the introduction of a Korean won stablecoin, and pursue a phased digital transformation.

OK Financial Group has been reviewing blockchain business opportunities since 2017. In 2023, it established an internal private blockchain. This year, OK Savings Bank created an "Artificial Intelligence (AI) Team" under its Future Digital Division to accelerate digital transformation.

Jung Gilho, CEO of OK Savings Bank, stated, "Through this agreement with Danal, which possesses nationwide payment infrastructure and technology, we aim to become a savings bank with digital competitiveness. We will continue to form strategic partnerships with leading digital and IT companies to provide customers with stable and convenient financial services."

Jin Changyong, CEO of Danal Business Division, said, "By actively utilizing the infrastructure and technological capabilities of both companies, we will take the lead in providing convenient digital financial payment services that transcend national borders. Starting with this collaboration, we will seek joint business opportunities to generate synergy both overseas and in Korea."