SOOHO.IO and Suhyup Bank start FX remittance proof of concept on Partior, the global tokenised deposit settlement network

• "Project Namsan Phase 2": Korean financial institutions directly test an international settlement rail built on commercial bank tokenised deposits
• Suhyup Bank leads the way as the first bank to test, and more institutions are expected to join

Seoul, November 11, 2026 – SOOHO.IO (CEO Jisu Park), a digital asset infrastructure company, today announced that it is starting Project Namsan Phase 2 with Suhyup Bank (President Hak-ki Shin). The proof-of-concept programme tests FX remittance on Partior, the global multi-currency settlement network. Several other Korean financial institutions are in talks to take part. This programme is a proof of concept. It is not a production service.

Project Namsan is SOOHO.IO's programme with Korean and global financial and technology firms to test digital asset payment and settlement technology. Phase 1 covered domestic payments and settlement. Phase 2 widens the scope to cross-border remittance and settlement using tokenised deposits.

Tokenised deposits: bank deposits as a settlement asset on a blockchain

A tokenised deposit is a commercial bank deposit represented in a form that can move on a blockchain. Unlike a newly issued stablecoin, it uses the bank deposit itself as the settlement asset. It keeps the credit structure of the banking system and allows 24/7 real-time settlement. Financial institutions in Korea and abroad are discussing it as a leading pillar of next-generation payment infrastructure.

Partior is the multi-bank settlement network that is production-live in USD, EUR and SGD, using tokenised commercial bank deposits as the settlement asset. It is built on ISO 20022, the international financial messaging standard, so it fits existing FX operations.

Beyond paper review: hands-on experience with a real rail

The value of this programme is that Korean institutions work with a live international settlement network themselves, beyond reading reference documents. FX and overseas remittance teams at each institution run the full flow, from payment initiation to settlement finality. They check the normal flow, and also the exceptions they would face in day-to-day operations.

In Korea, work on putting tokenised deposits into a formal framework is picking up, with the Bank of Korea's Project Hangang entering its second phase. Domestic efforts centre on small-value payments. Partior covers international settlement between banks, so the scope is different. Participants gain early experience of Partior's international settlement framework, and build an internal evidence base for future rule changes.

If the validation concludes well, it creates a basis to test tokenised deposit FX remittances between Korean banks in the same way. That could lead to Korean institutions testing settlement flows that include a KRW leg under near real-world conditions, although KRW is not live on Partior today.

“Tokenised deposits have moved past the discussion stage around the world, which is why we’re starting this work in Korea,” said Jisu Park, CEO of SOOHO.IO. “Our aim is to let Korean financial institutions experience this rail first and prepare for it. We hope it becomes a practical starting point for connecting Korean finance to the global financial network.”

“We are super excited to work with Suhyup Bank and SOOHO.IO on Project Namsan Phase 2,” said Humphrey Valenbreder, CEO of Partior. “This proof of concept gives Suhyup Bank the opportunity to validate 24/7 tokenised deposit settlement on infrastructure that already settles live commercial volumes across USD, EUR, and SGD. It builds on our partnership with SOOHO.IO to connect Korean institutions to global settlement rails, and on our commitment to an interoperable ecosystem that lowers barriers to entry across markets.”