South Korean NH Bank joined R3 Consortium

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With the transition, NH Bank, an agricultural bank in Seoul, seeks to work with other members of the enterprise-oriented group in fostering developments in blockchain technology.

The bank will also offer a pilot project, which will be devoted to the commercialization of blockchain technology in cooperation with fintech firms.

NH Bank is also a part of the new blockchain consortium of South Korea, which was created in December last year, which focuses on building tools for managing trade finance processes. Other members of the new group include Dongbu Securities, Yuanta Securities Korea and Kiwoom Securities.

The network of R3 members consists of more than 160 international members from various industries, including financial institutions, technology firms, trade associations and others.