SOOHO.IO and Suhyup Bank have launched a foreign exchange remittance proof of concept on Partior's settlement network, marking the first participation by a Korean bank in Project Namsan Phase 2.

Under the programme, Suhyup Bank's foreign exchange and overseas remittance teams will run cross-border payments across Partior's live tokenised deposit network from payment initiation to final settlement. Several other Korean financial institutions are in talks to join.

Project Namsan is a SOOHO.IO initiative with financial and technology groups in Korea and overseas to test digital asset payment and settlement systems. The first phase focused on domestic payments and settlement. The second expands the work to cross-border remittance and settlement using tokenised deposits.

Participants will use a live international settlement rail rather than a simulated environment or paper-based review. They will test standard transaction flows as well as operational exceptions that could arise in day-to-day processing.

A tokenised deposit is a commercial bank deposit represented on a blockchain. In this model, the bank deposit itself serves as the settlement asset rather than a separately issued stablecoin.

This structure preserves the banking system's credit framework while allowing round-the-clock settlement. The approach has become part of broader discussions in financial markets about new cross-border payment infrastructure.

Partior's network is live in US dollars, euros and Singapore dollars, using tokenised commercial bank deposits for settlement. It is also built on ISO 20022, the financial messaging standard used by banks, allowing it to fit existing foreign exchange operations.

The initiative comes as policy and industry discussion around tokenised deposits gathers pace in South Korea.

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