Digital assets platform Fireblocks has entered into a Memorandum of Understanding (MoU) with NongHyup Bank, a prominent South Korean bank specializing in commercial credit and banking services for the agricultural sector. The collaboration aims to develop a prototype for tax refunds using the Fireblocks Tokenization Engine. By leveraging this technology, Fireblocks and NongHyup Bank plan to facilitate the refund process for value-added tax (VAT) and goods and services tax (GST) on retail purchases. This initiative not only aims to reduce operational costs but also enhance transparency and security, fostering trust between banks and clients. Additionally, the partnership signifies NH Bank's commitment to delivering innovative blockchain-powered services to its extensive customer base. With major South Korean banks increasingly exploring blockchain and digital assets, this collaboration sets a precedent for future advancements in the financial sector. Read more AI-generated news on: https://app.chaingpt.org/news