Toss Bank signs MOU with Solana Foundation on blockchain-based financial infrastructure

Toss Bank is teaming up with the Solana Foundation to pilot a blockchain-based global remittance infrastructure. The two parties plan to integrate a public blockchain network into existing international money transfer services to verify improvements in remittance and settlement efficiency.

Toss Bank announced Monday that it signed a strategic MOU with the Solana Foundation on "blockchain-based next-generation financial infrastructure cooperation" at the Toss Sinnonhyeon office in Seocho-dong, Seoul, on June 19. Park Jin-hyun, head of strategy at Toss Bank, and Lily Liu, president of the Solana Foundation, attended the signing ceremony.

The agreement marks the first time a domestic internet-only bank has entered into a direct strategic partnership with the Solana Foundation. The two sides plan to verify, in stages, the technical feasibility of a global remittance and settlement infrastructure built on the Solana network.

Specifically, they will begin with a proof of concept for a Solana network-based global remittance and settlement infrastructure, then jointly examine blockchain-based payment and settlement models, as well as the potential for financial services utilizing stablecoins and digital assets.

In the first phase of the proof of concept, the partners will assess the technical feasibility of stablecoin remittances over the Solana network. Toss Bank plans to draw on its experience operating an internet-only bank to design the user experience for transfers. The scope will then expand to include integration testing with overseas partners and verification of anti-money laundering and know-your-customer procedures.

The bank launched its "Remittance You Can See" international money transfer service in January. The service supports 30 countries and seven major currencies worldwide, and offers transfers completed within one hour — along with real-time end-to-end tracking — for the euro, Singapore dollar and British pound.

Toss Bank also plans to explore expanding the scope of its experiments beyond international remittances to payments, digital assets and tokenized assets, in line with domestic legislative developments around stablecoins. Toss has previously indicated it intends to participate in both the issuance and retail distribution of a won-denominated stablecoin.

"This collaboration is a starting point for gradually applying blockchain-based digital financial infrastructure to the innovative financial services Toss Bank operates," Park said. "Together with Solana, we will verify the possibility of letting our 15 million Toss Bank customers experience global digital finance quickly and at low cost."

Lily Liu, president of the Solana Foundation, said she expects the partnership to "set a new standard for faster and more seamless global remittance experiences by combining the trust of traditional finance with the efficiency of blockchain."