KiiChain Partners With Hecto Financial to Expand Into Asia

Blockchain financial infrastructure company KiiChain said on November 3 that it is expanding into Asia through a partnership with Hecto Financial.

KiiChain plans to link the payment and settlement network it built in Latin America with Hecto Financial's financial network and pursue support for won-denominated transactions. The tie-up marks Hecto Financial's first partnership with a Latin American blockchain company.

The companies will work together to build a system in South Korea for deposits and withdrawals between virtual assets, or cryptocurrencies, and fiat currencies. They also plan to expand a cross-border payment network connecting Asia and Latin America using KiiChain's payment and settlement infrastructure.

Another major area of cooperation is 24-hour foreign-exchange conversion and settlement outside bank operating hours. The companies aim to connect local-currency liquidity, reduce the procedures required for cross-border fund transfers, and improve access for individual users as well as companies and financial institutions.

Hecto Financial has more than 25 years of experience in financial services operations and more than 60 bank partners. The company has disclosed annual transaction volume of about $1.1 trillion. KiiChain plans to combine that financial network with blockchain-based foreign-exchange and settlement technology.

KiiChain, which began in Colombia, has focused on foreign exchange, overseas payments and improving access to financial services in emerging markets. According to the company, its cumulative foreign-exchange transaction volume has surpassed $600 million, with more than 200 corporate clients and 360,000 registered users.

After partnering with financial institutions in Latin America, KiiChain expanded its business through integrations with major blockchain networks and a U.S. virtual account service. Through the partnership, it plans to connect financial networks in South Korea and across Asia with Latin America's payment infrastructure.