Solana and Toss Bank Team Up on Remittance Rails

The Solana Foundation and Toss Bank have signed a Memorandum of Understanding (MOU) to rebuild Korean remittance rails. This partnership marks the first direct collaboration between a South Korean internet-only bank and the Solana ecosystem.

Toss Bank serves over 15 million customers across South Korea, with its overseas remittance service covering 30 countries and 7 major currencies. The existing footprint of Toss Bank gives the Solana-based proof of concept (PoC) a substantial addressable base from day one.

The MOU covers four areas: a PoC for global remittance and settlement infrastructure built on Solana; joint research into blockchain-based payment and settlement models; exploration of stablecoin and digital asset financial services; and a longer-term cooperation framework that includes integration with overseas banking partners and AML/KYC compliance systems.

The immediate live work is the PoC, and everything downstream depends on its outcomes. Jin-hyun Park, head of strategy at Toss Bank, stated that the partnership launches 'a phased pilot within the innovative services already provided by Toss Bank,' with the goal of delivering 'quicker and more economical global digital finance through Solana' to its 15 million customers.