major banks-Project Agora

KB, 4 other Korean banks join 'Project Agora' prototype testing

SEOUL, May 28 (Yonhap) -- KB Bank and four other major banks here said Thursday that they had joined an international move to test the prototype of a cross-border payment project, known as Project Agora.

The project, spearheaded by the Bank for International Settlements (BIS), seven central banks, such as the Bank of France and Bank of England, as well 40 private financial institutions, is focused on exploring how tokenized commercial bank deposits and tokenized wholesale central bank money can be used to improve the current financial system, especially for cross-border payments.

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