"VAT refunds also via stablecoin…NH NongHyup Bank to pursue digital refund PoC"

NH NongHyup Bank is pursuing a digital pilot project (PoC) to refund value-added tax to overseas tourists in stablecoin. On the 13th, according to the industry, NH NongHyup Bank said it plans to automate the existing manual VAT refund procedures on a blockchain basis and build a system that processes inter-institution settlement·currency exchange processes in real time. It said this will reduce airport waiting times and, by storing refund information on the blockchain to lower the risk of loss, simultaneously improve tourist convenience and business operator efficiency. Meanwhile, NH NongHyup Bank is conducting the project jointly with global payment and blockchain companies such as Fireblocks, Avalanche, Mastercard, and Worldpay. The matter was introduced at the 'Insight Forum,' the official program of the '2025 Singapore FinTech Festival,' Asia's largest fintech event.