Commercial banks looking at virtual assets are changing their perspective.
In the past, if virtual assets have been kept as far away as possible with negative governments, more and more banks are making various attempts as one 폰테크 of the new business models.
In fact, there are banks that collaborate with the virtual asset exchange to earn profits and invest in the virtual asset industry itself.
Specifically, K-bank is emerging as the biggest beneficiary as the virtual asset boom continues from the beginning of this year. K-bank has been issuing virtual asset accounts in cooperation with the virtual asset exchange Upbeat since June last year, because the balance of receipts increased significantly in the virtual asset boom earlier this year.
In fact, K-bank’s balance of receipts, which was 3.74 trillion won at the end of last year, increased to 12.14 trillion won at the end of last month, which is more than 8 trillion won in just four months. Considering that K-bank’s increase in reception after the normalization of operations in July last year is an average of 1 trillion won per quarter, it can be seen that it is a record-high figure.
As money came and went from virtual asset accounts, commission income was also salient. According to data submitted by the Financial Supervisory Service by the National People’s Power Yoon Chang-hyun, K-bank has collected more than 5 billion won in commission fees through partnerships with Upbeat in the first quarter of this year.
Among commercial banks, NH Nonghyup Bank benefited the most. NH Nonghyup Bank is also issuing virtual asset accounts in partnership with Virtual Asset Exchanges Bithumb and Coin One, and commission income exceeded 1.6 billion won in the first quarter of this year. Considering that the total non-interest income of Nonghyup Bank is 98.3 billion won during this period, it is quite remarkable.
Other commercial banks are estimated to have contributed to the import of foreign currency remittance fees. In the midst of the virtual asset boom, ‘Kimchi Premium’, which has a high value of toxic domestic virtual assets, has been highlighted, so many foreigners, including Chinese, bought virtual assets overseas and sold them back in Korea.
Recently, banks are limiting the monthly remittance limit because they are worried about ‘returning’, but it is observed that the remittance fee income has been high as a considerable amount has been exchanged before that
The government is still negative about virtual assets, but as the market funds continue to flow, commercial banks are also reviewing various business models as new business models.
In fact, KB Kookmin Bank established Korea Digital Asset, a virtual asset management company, in November last year with Hatch Labs and Hasheed. Korea Digital Asset is a kind of trustee, and it keeps and operates virtual asset trading customers when they purchase virtual assets.
Shinhan Bank also made a strategic investment in Korea Digital Asset Trust, a company specializing in virtual asset trusting, and Woori Bank is also preparing to establish a joint venture.
The reason why banks approach virtual assets mainly in the trust business is that they can approach virtual assets as conservatively as possible according to the government’s stance and seek new business opportunities.