The Korea Financial Investment Association has launched a blockchain consortium, where 21 financial investment companies and 5 blockchain tech firms signed an MOU in order to share their expertise mutually. The consortium aims to function as a leading blockchain think tank in the local capital market, Business Korea reports.

“This consortium is the first case in South Korea where multiple financial firms make use of blockchain. It will contribute to the realization of the essential value of blockchain and maximization of the convenience, security, and efficiency of financial transactions,” Park Sun-moo, managing director of NH Investment & Securities, said during the launching ceremony.

The blockchain case studies and the technical research results will be shared by the IT Committee of the Korea Financial Investment Association with the consortium members. The committee also plans to assist in the operation of the secretariat of the consortium and technical training sessions.

NH Investment & Securities managing director Park Sun-moo and Daily Intelligence CEO Lee Kyung-joon presented the signed MOU at a blockchain consortium launch on December 7, 2016. The secretariat will work on business opportunity creation and platform establishment with the consortium member companies. It plans to involve in future projects including those on the establishment of a common platform for personal authentication (2017), clearing and settlement automation (2018 and 2019), among others.