Banks in Philippines and South Korea Move on Blockchain Cross-Border Payments
BPI plans a stablecoin settlement pilot for overseas earnings, while South Korea's largest lender prepares a payment service on JPMorgan's Kinexys platform.
AfroEuropa Newsroom
AfroEuropa desk
Two major Asian banks are advancing blockchain-based systems for cross-border payments, according to reporting from BitKE and Cointelegraph.
The Bank of the Philippine Islands (BPI), described as the country's oldest and one of its largest banks, plans to pilot a stablecoin-based settlement system intended to make cross-border payments faster and cheaper for freelancers, virtual assistants, and other workers receiving income from abroad, BitKE reported, citing local Philippine media. Developed with the digital clearinghouse Meridian, the pilot would use stablecoins only as a settlement layer, with funds then converted into Philippine pesos and deposited into customers' BPI accounts. That structure is designed to let users access on-chain payments without directly handling digital assets.
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