HashKey, Kbank, BPMG Pact Targets KRW Stablecoin Payments

The partnership follows Kbank's earlier work on blockchain remittances. In April, the internet-only bank ran a multi-stage proof of concept with Ripple for cross-border transfers, covering corridors including the UAE and Thailand. BPMG previously worked with Kbank on a KRW stablecoin proof of concept in Thailand and the UAE. This agreement adds HashKey's digital asset network to that effort.

Separately, South Korean telecom group KT plans to use Kbank, BC Card and its own infrastructure in a wider stablecoin platform covering issuance, custody, settlement and payments. That project remains distinct from the HashKbank-BPMG agreement but places Kbank in several ongoing stablecoin payment projects.

South Korea's regulatory path for stablecoins remains uncertain. Authorities plan to set rules for won-backed stablecoin issuance under the planned Digital Asset Basic Act. The Bank of Korea backs a bank-led model for won stablecoin issuance, while lawmakers debate which companies can issue tokens. The debate has delayed the broader digital asset legislation. Firms handling cross-border virtual asset transfers also face new registration requirements under amendments to the Foreign Exchange Transactions Act.

For HashKey, the MOU extends a series of partnerships linking digital assets with traditional finance. Earlier in July, HashKey Exchange, Shanghai Commercial Bank and Visa launched a co-branded credit card in Hong Kong with rewards convertible to HKD vouchers for crypto purchases. The latest agreement takes a different route by focusing on payment and settlement infrastructure rather than consumer rewards.

The companies have not disclosed transaction volumes, pilot dates, a final technical structure, or whether any future service will be available to retail users.