Korea Central News Net

Must Read News Updates from Korea You May Have Not Heard Before

  • COOCON Emerges as Core Infrastructure in Stablecoin Ecosystem

    • Accelerating entry into the next-generation payments market with 20 years of accumulated API infrastructure
    • Preparing stablecoin-based simple payment services linked to South Korea’s largest offline merchants and ATMs

    Business data platform company COOCON (CEO Jong-Hyun Kim) announced on the 7th that it will actively establish itself as core infrastructure in the stablecoin ecosystem, in preparation for the implementation of South Korea’s second-phase digital asset legislation in 2025.

    COOCON is a key infrastructure provider offering firm banking and authentication APIs to major fintech services such as Toss, KakaoPay, Upbit, and Bithumb, and maintains API connections with over 500 financial institutions. As transaction volume increases among these services, COOCON anticipates structural benefits from the expansion of the stablecoin market.

    COOCON expects the API infrastructure it has built over the years to become even more valuable as stablecoin adoption spreads. The company plans to strengthen its role as a trusted technology partner in the stablecoin market by leveraging its verified infrastructure, which can handle inter-platform data integration and surging transaction volumes, along with its stable revenue model.

    In August, COOCON plans to launch a global simple payment service in partnership with UnionPay, WeChat Pay, LiquidPay, and Alipay. This will allow overseas tourists to use their existing payment services seamlessly at domestic merchants. COOCON also plans to expand its global payments and settlement services through early entry into major Asian fintech hubs, including Singapore, Japan, and Indonesia.

    Once stablecoin adoption becomes widespread, COOCON aims to play a central role in the stablecoin ecosystem by offering QR-based real-time payment and withdrawal services through its infrastructure, which includes over 2 million offline merchants and 40,000 ATMs in Korea.

    he company is currently discussing strategic partnerships with major domestic and international stablecoin operators in the areas of payment and distribution. It is rapidly pushing new business initiatives through its company-wide Stablecoin Committee.

    In the second half of this year, COOCON plans to secure new growth engines by focusing on the expansion of its data business, overseas payment sectors, local currency markets, and new technology-based business models such as AI and stablecoins.

    “2025 will be a turning point when the institutionalization of stablecoins for payment begins in earnest,” said Jong-Hyun Kim, CEO of COOCON. “With the global stablecoin market expected to grow to $2 trillion by 2028, COOCON will play a pivotal role as the representative infrastructure company to benefit from this growth.”

    Meanwhile, following last year’s participation, COOCON plans to attend the Singapore Fintech Festival again in November to explore strategic alliances in the payment and stablecoin sectors with various global partners, further expanding its international network. Through this, the company aims to solidify its presence in Asia’s fintech hub markets and become a key infrastructure provider in the global simple payment and stablecoin ecosystems.

    Founded in 2006, COOCON has spent over 15 years collecting, connecting, and controlling business data. Through its information API store, COOCON.NET, it provides business-critical data in API format.

  • iM Bank Files Trademark Applications for Stablecoin-Related Terms

    iM Bank (President Byung-Woo Hwang) has filed trademark applications related to Korean Won (KRW)-based stablecoins.
    The bank applied for a total of 12 trademarks, including ‘iMKRW,’ ‘iMST,’ and ‘KRWiM,’ which combine ‘KRW’ with the bank’s new name ‘iM’ following its recent rebranding after becoming a commercial bank.

    iM Bank previously joined the Open Blockchain & DID Association (OBDIA) and became a member of its stablecoin committee. The bank plans to internalize digital asset technology and promote digital financial service strategies by securing trademark rights in anticipation of the legal institutionalization of KRW-based stablecoins.

    A stablecoin is a virtual asset designed to maintain price stability by pegging its value one-to-one with a fiat currency, such as the U.S. dollar or the Korean won (e.g., 1 coin = 1,000 KRW). Currently, legal frameworks for introducing KRW-based stablecoins are under discussion in South Korea.

    iM Bank stated that the trademark applications are part of a proactive response to movements in the domestic stablecoin market. The bank also emphasized that it will continue to closely monitor the development of related legislation and market conditions moving forward.

  • BNK Financial Group files trademarks related to Korean Won-based stablecoins

    BNK Financial Group (Chairman Dae-in Bin) announced on Friday, July 4, that BNK Financial Holdings and its subsidiaries, Busan Bank and Kyongnam Bank, have filed trademark applications related to Korean Won(KRW)-based stablecoins.

    Currently, the most widely used stablecoins in the market are U.S. dollar-backed, based on U.S. Treasury bonds and deposits. These are commonly used for borderless payments, remittances, and as a store of value in digital asset transactions. As a result, concerns have arisen that such dominance could diminish the domestic utility of the KRW.
    In response, the banking sector is taking joint action to ensure domestic financial stability and gain a first-mover advantage by pioneering the KRW-based stablecoin market.

    As part of this initiative, BNK Financial Holdings has filed a total of 11 trademark applications for stablecoin names intended for use by its subsidiaries or fintech partners. Separately, Busan Bank has filed 10 applications and Kyongnam Bank has filed 4, both aiming to issue bank-led stablecoins.

    Additionally, Busan Bank and Kyongnam Bank have formally joined the Stablecoin Division of the Open Blockchain DID Association (OBDIA), the preparatory organization for bank-issued stablecoins. They will actively participate in joint research on stablecoins with major financial institutions.

    The Open Blockchain DID Association is also collaborating with 11 banks and the Korea Financial Telecommunications and Clearings Institute (KFTC) to establish a joint venture for issuing bank-backed stablecoins.

    Through this wave of trademark filings, BNK Financial Group anticipates that BNK Holdings, Busan Bank, and Kyongnam Bank will each play a strategic role in building infrastructure for the digital asset ecosystem, leveraging their respective strengths.

    BNK Financial Group stated that stablecoins are expected to serve as a starting point for the advancement of the digital asset market, and that it will continue to prepare a detailed market entry timeline and execution strategy through close communication with major financial institutions.