SBI and Kyobo Life Complete Cross-Border Settlement Pilot for Yen to Won

SBI Holdings' SBI Digital Practice and South Korea's Kyobo Life have completed a cross-border pilot, directly exchanging yen-pegged test tokens for won-pegged test tokens in the Canton Network testing environment. This pilot covers the processes of cross-border transfer, exchange, settlement, receipt, and holding of digital tokens, with funds transferred from Japan to South Korea without going through a dollar exchange step. Kyobo Life stated that this is the first verification of the full process of institutional fund cross-border transfer, exchange, and settlement in the South Korean insurance industry. Both parties plan to further cooperate in digital asset exchange, overseas investment, asset management, and the transfer of tokenized assets. Kyobo Life also tested the processes for receiving, storing, and managing digital assets and related settlement funds in South Korea.

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