KiiChain Partners With Hecto Financial to Expand Into Asia
Summary
- Blockchain financial infrastructure company KiiChain said it will enter the Asian market through a partnership with Hecto Financial.
- The two companies said they will cooperate on won-denominated transactions in South Korea, building deposit and withdrawal systems between virtual assets (cryptocurrencies) and fiat currencies, and expanding a cross-border payment network.
- KiiChain said it will combine blockchain-based foreign exchange and settlement technology with Hecto Financial’s financial network to support 24-hour foreign exchange and settlement services and connect local-currency liquidity.
Forecast Trend Report by Period
Blockchain financial infrastructure company KiiChain said on November 3 that it will enter the Asian market through a partnership with Hecto Financial.
KiiChain plans to connect the payment and settlement network it built in Latin America with Hecto Financial’s financial network and support won-denominated transactions. The partnership marks Hecto Financial’s first collaboration with a Latin American blockchain company.
The two companies will cooperate on won transactions in South Korea and on building deposit and withdrawal systems between virtual assets, or cryptocurrencies, and fiat currencies. They also plan to expand a cross-border payment network linking Asia and Latin America using KiiChain’s payment and settlement infrastructure.
A key part of the partnership is 24-hour foreign exchange and settlement services that are not constrained by bank operating hours. The companies aim to connect local-currency liquidity, streamline the procedures required for cross-border fund transfers, and improve access for individual users as well as businesses and financial institutions.
Hecto Financial has more than 25 years of experience in financial services operations and more than 60 banking partners. The company has disclosed annual transaction volume of about $1.1 trillion. KiiChain plans to combine that financial network with blockchain-based foreign exchange and settlement technology.
KiiChain, which started in Colombia, has focused on improving foreign exchange, overseas payments and access to financial services in emerging markets. According to the company, its cumulative foreign exchange transaction volume has exceeded $600 million, while it has more than 200 corporate clients and 360,000 registered users.
After partnering with financial institutions in Latin America, KiiChain expanded its business through integrations with major blockchain networks and U.S. virtual account services. Through the partnership, it plans to connect financial networks in South Korea and Asia with Latin America’s payment infrastructure.
