Toss Bank, Solana Foundation Partner on Blockchain Finance

South Korea’s digital-only lender Toss Bank has signed a memorandum of understanding with the Solana Foundation to build next-generation financial infrastructure on blockchain rails. The deal, announced June 22 and signed June 19, marks the first direct partnership between the Solana Foundation and a Korean internet-only bank.

The two sides plan to test blockchain-based services in cross-border remittances and digital asset-linked products. Toss Bank wants to leverage Solana’s Layer 1 network to offer faster, cheaper transactions to its 15 million users. “With Solana, we will help Toss Bank’s 15 million customers experience global digital finance faster and at lower cost,” said Park Jin-hyun, the bank’s head of strategy.

Solana Foundation President Lily Liu framed the collaboration as a blend of traditional trust and new tech: “By combining the trust of traditional finance with the efficiency of blockchain, we will set a new standard for a faster and more seamless global remittance experience.”

For Solana, the deal opens a channel into South Korea’s regulated banking sector. Toss Bank is a fully licensed internet bank in the country, and any move to integrate blockchain into its core services could serve as a template for other regional lenders. The bank plans to roll out the new infrastructure gradually, starting with pilot programs.

The partnership arrives at a time when blockchain-based payments face renewed regulatory scrutiny globally. But South Korea has grown more receptive to crypto-linked financial products, especially when licensed institutions lead the way. Toss Bank’s move suggests banks see Solana’s low fees and high throughput as a practical alternative to legacy remittance networks.

SOL, the native token of Solana, traded up on the news, though gains were modest in a mixed market. Traders will watch for concrete timelines from Toss Bank on its first pilot, expected later this year.