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South Korea’s KB Kookmin Bank Issues $100 Million Blockchain-Based Digital Bond in Hong Kong
According to the Seoul Economic Daily, KB Kookmin Bank announced the issuance of a USD 100 million blockchain-based digital bond in the Hong Kong market, marking the first time a Korean bank has applied blockchain technology to an actual foreign-currency financing transaction. This issuance reduces the settlement cycle from the traditional five business days to three business days, helping streamline processes and lower counterparty settlement risk. The two-year USD digital bond was issued privately, with HSBC serving as the sole bookrunner; the issuance process was completed via HSBC’s digital asset platform, Orion.
Kookmin Bank Issues $100 Million Blockchain Digital Bond, a First for South Korea's Banking Industry
Kookmin Bank has successfully issued a $100 million blockchain digital bond, marking the first such issuance in South Korea's banking sector. The bond was issued through HSBC's digital asset platform Orion and will subsequently be connected to the clearing and settlement system of the Central Moneymarkets Unit under the Hong Kong Monetary Authority. Kookmin Bank will also leverage the HKMA's digital bond subsidy scheme to reduce part of the issuance costs. The bank stated that this issuance is part of KB Financial Group's "Transformation and Expansion" strategy, following the completion of a technical verification for Korean won stablecoin payment and settlement, as it accelerates its digital financial transformation.