Park Jin-hyun (left), head of strategy at Toss Bank, and Lily Liu, president of the Solana Foundation, pose for a photo at a signing ceremony at the Toss Bank Sinnonhyeon office in Seocho-gu, Seoul, June 19. (Toss Bank) Toss Bank said Monday it signed a memorandum of understanding with the Solana Foundation to explore blockchain-based financial infrastructure, becoming the first South Korean internet-only bank to partner with the organization behind the Solana network.The agreement focuses on developing next-generation cross-border payment infrastructure using blockchain technology. The two sides will conduct a phased proof of concept for international remittances on the Solana network, evaluate blockchain-based payment and settlement systems, and explore financial services involving stablecoins and digital assets.A signing ceremony was held Friday at Toss Bank's headquarters in Seoul, attended by Park Jin-hyun and Lily Liu.The companies had already been discussing blockchain-based remittance infrastructure before formalizing the partnership.In the initial phase, they will test the technical feasibility of stablecoin transfers on the Solana network. Later stages will expand the project to include overseas partners and assess compliance requirements, including anti-money laundering and know-your-customer procedures.Toss Bank said the partnership is intended to build on its existing international remittance business, launched in January, which currently supports seven major currencies across 30 countries. The bank offers near real-time transfers and tracking for selected currencies, including the euro, Singapore dollar and British pound.By adding blockchain-based settlement infrastructure, Toss Bank aims to evaluate ways to make international transfers faster and more cost-efficient."This partnership marks the first step toward integrating blockchain-based digital infrastructure into our existing financial services," Park said.Liu said the collaboration could help establish new standards for international remittances by combining the trust of traditional finance with the efficiency of blockchain technology.