Toss Bank and Solana Foundation test blockchain remittances

South Korea’s Toss Bank has entered a strategic partnership with the Solana Foundation to explore blockchain-based infrastructure for global remittances and settlements. The memorandum of understanding, signed on June 19 in Seoul, marks the first direct collaboration between a South Korean internet-only bank and the organization behind the Solana network.

The initial phase of the partnership will involve a proof-of-concept project focused on testing the technical feasibility of using the Solana blockchain for overseas money transfers. Toss Bank, which serves approximately 15 million customers, stated the work will assess whether blockchain-based systems can make international remittances faster and more cost-effective while remaining compatible with existing banking processes. A key component of this testing will be evaluating the potential use of stablecoins, digital assets pegged to fiat currencies, in cross-border payments.

Park Jinhyeon, head of strategy at Toss Bank, described the agreement as a starting point for applying blockchain-based financial infrastructure to services the bank already provides. The bank launched an international remittance business earlier this...