South Korea's NongHyup Bank (NH Bank) has joined the R3 distributed ledger consortium.
With the move, NH Bank, a Seoul-based agricultural bank, aims to collaborate with the enterprise-focused group's other members in fostering developments in blockchain technology.
According to a Business Korea report, an official from the the bank said:
"We will acquire technology by joining the consortium and apply it to various sectors of NH Nonghyup Bank such as the financial and economic sectors."
The bank will further propose a pilot project that will look to commercializing blockchain technology in collaboration with fintech firms.
NH Bank is also a part of South Korea's new blockchain consortium, formed last December, which focuses on building tools for managing trade finance processes. Other members of the new group include Dongbu Securities, Yuanta Securities Korea and Kiwoom Securities.
R3's member network consists of more than 160 international members from across various industries, including financial institutions, technology firms, trade associations and others.
Buildings image via Shutterstock