Kyobo Life, Toss sign MOU to collaborate on digital asset services

Kyobo Life said Wednesday it has signed an MOU with Toss operator Viva Republica to cooperate on building a digital asset ecosystem and expanding related services.

The agreement aims to lay the groundwork for jointly offering a range of financial services using digital assets, with a broader goal of expanding the digital finance ecosystem.

Under the partnership, the two companies will work to define specific use cases for digital assets and establish a standard model through proof-of-concept testing. They also plan to develop innovative services, share information and build a joint response framework.

Kyobo Life said it expects significant synergies in the digital asset market by combining its long-standing reputation and strong brand with Toss's large user base.

The two companies said they are well positioned to absorb digital asset demand across a broad customer base and deliver differentiated services.

"What customers need is financial services that are both innovative and trustworthy," said Park Jin-ho, executive vice president of Kyobo Life. "Kyobo Life, with its stability, and Toss, with its convenience, will work closely together to provide customers with differentiated financial services."

Kyobo Life has been moving proactively to stay ahead of shifts in the financial landscape driven by digital assets, positioning itself to lead in the future asset market. In December last year, it became the only domestic insurer to participate in the public testnet of Arc, a blockchain network developed by US stablecoin issuer Circle.

The company also conducted a proof-of-concept with global blockchain infrastructure firm Ripple to reduce government bond settlement times to near real-time. In June, it became the first in the industry to confirm the feasibility of collecting insurance premiums and paying out claims using a Korean won-denominated stablecoin.

Meanwhile, Kyobo Life established a dedicated digital asset team in the first half of this year and has been preparing blockchain-based new businesses, including STO and real-world asset initiatives.