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The Solana Foundation and South Korea’s Toss Bank have signed a memorandum of understanding to test blockchain-based remittance and settlement services for 15 million customers. The agreement creates a framework for a proof-of-concept focused on faster and lower-cost international payments.
The partnership marks the first direct collaboration between a South Korean internet-only bank and the Solana ecosystem. Both organizations will examine whether blockchain infrastructure can improve services that Toss Bank already provides across 30 countries.
The first phase will assess Solana’s ability to support cross-border remittance and settlement. Toss Bank currently handles international transfers in seven major currencies through its existing digital banking platform.
The bank aims to reduce settlement expenses and shorten transfer times compared with traditional correspondent banking networks. Executives described the initiative as an upgrade to existing financial services rather than a move into speculative cryptocurrency activity.
The pilot will measure whether blockchain settlement can offer clear operational gains over conventional systems. Could this model change how regulated banks process international payments across multiple markets?
The memorandum covers four areas, starting with the remittance pilot and joint research into blockchain-based payment systems. It also includes stablecoin services, digital assets, international banking links, and long-term compliance cooperation.
Both organizations plan to include anti-money laundering and know-your-customer controls throughout the project. These safeguards address the regulatory duties banks face when adding blockchain tools to established financial operations.
Meanwhile, Solana continues positioning its network as infrastructure for financial services beyond decentralized applications and digital assets. Its low transaction fees and near-instant settlement form the project’s central technical appeal.
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The agreement expands Solana’s strategy in South Korea, where earlier initiatives involved local fintech companies and research into Korean won-denominated stablecoin infrastructure. Toss Bank now brings a major banking institution into that effort.
Toss Bank operates as South Korea’s third-largest internet-only bank and serves about 15 million users through the broader Toss ecosystem. Its mobile-first services have made it a leading digital banking platform in the country.
Its parent company, Viva Republica, is preparing for a possible public offering in the United States. Industry reports have linked the company to a prospective valuation above $10 billion.
At the same time, South Korea is developing additional oversight for crypto-related cross-border transactions. The central bank also continues exploring digital currency and tokenized deposit initiatives within the country’s evolving financial framework.
Solana Foundation and Toss Bank will test blockchain remittances for faster international payments and lower settlement costs. The initiative also covers stablecoin research, regulatory compliance, and future banking integrations. Its results could guide similar partnerships between regulated financial institutions and blockchain networks.
