Quick take:
- The prototype targets both VAT and GST on eligible purchases at retail outlets.
- This is part of NH Bank’s strategy of further enhancing its digital asset capabilities using blockchain technology.
- The two companies will also collaborate to pursue other digital asset opportunities including identifying and supporting blockchain-driven projects within NH Bank’s ecosystem.
NongHyup (NH) Bank, one of Korea’s leading banking institutions has signed a Memorandum of Understanding (MoU) with enterprise-grade tokenisation services provider Fireblocks to launch blockchain-powered tax refund solutions.
NH Bank will leverage the Fireblocks Tokenization Engine to launch a prototype that explores the feasibility of integrating digital assets into the tax refund process. The prototype targets both VAT and GST on eligible purchases at retail outlets.
According to the press release shared with NFTgators, Fireblocks and NH Bank will also be collaborating on more digital asset opportunities including identifying and supporting blockchain-driven projects within NH Bank’s ecosystem. NH Bank and Fireblocks will also pursue partnerships with other financial institutions globally
Commenting on the announcement, Lee Seok-yong, President of NH Bank, said in a statement: “This MoU marks a pivotal step for NH Bank as we strive to deliver innovative blockchain-powered services to our customers. Working with Fireblocks will enable us to introduce new digital asset offerings that enhance customer satisfaction and bring real value to our clients.”
NH Bank, which serves over 10 million customers is renowned for its digital banking capabilities, especially in agricultural and commercial credit and banking services. The collaboration is part of the bank’s strategy for enhancing its digital asset capabilities with blockchain technology.
Michael Shaulov, CEO and Co-founder of Fireblocks commented: This collaboration not only pioneers the use of blockchain in financial services, such as tax refunds, but also sets the stage for broader adoption of secure, blockchain-powered solutions across the banking sector. By combining Fireblocks’ robust digital asset infrastructure with NH Bank’s innovative vision, we are enhancing security, efficiency, and customer value in digital finance.”
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