Talks cover Project Hangang, Project Agora and other cooperation initiatives

The Bank of Korea headquarters in Jung-gu, Seoul. [Yonhap]
The Bank of Korea headquarters in Jung-gu, Seoul. [Yonhap]

Bank of England Deputy Governor Sarah Breeden visited the Bank of Korea on Monday to discuss payment innovation and related initiatives.

According to the Bank of Korea, Breeden and officials from both sides met Monday to share progress on projects the two countries are pursuing — including Project Hangang, Project Agora and asset tokenization — and to explore areas for cooperation.

Project Hangang is an initiative in which the Bank of Korea and commercial banks issue wholesale CBDCs and deposit tokens, respectively, to build a digital currency infrastructure capable of enabling innovative payment services. The project is currently in its second phase.

Project Agora is an experiment aimed at improving the efficiency and speed of cross-border payment systems by using deposit tokens and central bank reserves. It is led by the Bank for International Settlements (BIS) and the Institute of International Finance, with seven central banks participating, including the Bank of Korea and the Bank of England.

Asset tokenization refers to the issuance of digital tokens representing ownership rights over tangible and intangible real-world assets such as real estate, bonds, shares, artwork and raw materials.

"We plan to actively share our experience with tokenization projects, including Project Hangang, with the international community and to engage proactively in related global discussions," a Bank of Korea official said.


kimstar@heraldcorp.com