Toss Bank Powers Up Blockchain-Based Cross-Border Payments

Toss Bank, a South Korean internet-only bank with over 15 million customers, has partnered with the Solana Foundation to explore blockchain-based infrastructure for remittance and settlement services. This marks the first direct cooperation between the Solana Foundation and a South Korean digital bank.

The partnership aims to develop a proof-of-concept (PoC) for cross-border payments using the Solana network, which will be tested in a pilot program. The project will also investigate the use of stablecoins, blockchain payments, and digital asset services for future expansion.

Lily Liu, chair of the Solana Foundation, said that combining traditional banking trust with blockchain efficiency could create a new standard for global money transfers. Park Jin-hyeon, head of strategy at Toss Bank, described the partnership as a starting point for applying blockchain infrastructure to existing banking products.