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South Korea Launches Deposit Token Payment Infrastructure Project with 96 Billion Won Investment

2026-07-22 08:12:09

South Korea's Korea Internet & Security Agency (KISA) and Ministry of Science and ICT launched a deposit token-based payment infrastructure expansion project today (July 22), marking the first step to bring central bank digital currency (CBDC) innovations from the Bank of Korea's "Project Hangang" into private payment services. The initiative, selected through the 2026 Blockchain Innovation Leadership Project, aims to reduce payment processing fees for small merchants. The project involves nine commercial banks, eight payment service providers, and two major merchants in a private consortium led by the Korea Financial Telecommunications and Clearing Institute (KFTC), with total investment of 9.6 billion won. Approximately 3 billion won will fund development and operations by SMEs, startups, and IT firms.

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