Fintech giant KSNet joins Solana Foundation to trial Solana Pay in South Korea

KSNet has partnered with the Solana Foundation to test blockchain payments and AI-driven transaction systems for South Korea's financial market.

Summary

• KSNet and the Solana Foundation signed an agreement to test blockchain based payment infrastructure in South Korea.
• The companies will begin proof of concept projects covering Solana Pay integration and AI payments using the x402 protocol.
• KSNet plans to connect Solana Pay with its merchant network while incorporating AML controls and won settlement support.
• The partnership adds to Solana's recent enterprise payment initiatives across stablecoins, AI services, and regulated financial infrastructure.

KSNet announced on July 30 that it has signed a memorandum of understanding (MOU) with the Solana Foundation to jointly develop a next-generation digital asset payment infrastructure, with the partnership beginning through proof-of-concept projects focused on Solana Pay and AI-powered payment technology.

The agreement brings together KSNet's domestic payment network and Solana's blockchain infrastructure as both companies evaluate digital asset payments that can work alongside South Korea's existing financial system. The first phase centers on technical verification rather than a commercial rollout.

As part of the first proof-of-concept, KSNet said it will test the integration of Solana Pay with the online and offline merchant payment network the company has built over the past 26 years. The demonstration will examine whether Solana Pay's payment standard can operate within South Korea's existing payment environment while remaining compatible with local merchant infrastructure.

The companies also said compliance requirements will form part of the testing process. KSNet plans to incorporate anti-money laundering (AML) controls into the payment system to prevent abnormal fund flows before any commercial deployment is considered.

In addition, the proof-of-concept will connect blockchain-based settlements with KSNet's existing won settlement network. According to the company, the structure is intended to comply with domestic financial guidelines while reducing exchange-rate fluctuations and liquidity risks that can arise during digital asset settlements.

Rather than replacing traditional payment rails, the companies are testing how blockchain payments can operate alongside existing financial infrastructure under domestic regulatory requirements.

A second proof-of-concept under the agreement focuses on artificial intelligence payments using the x402 protocol.

KSNet said it will evaluate the protocol by integrating it into an AI-based payment system that is already undergoing internal testing. The review will determine whether the technology is suitable for future payment services that rely on autonomous software agents.

The x402 protocol uses the HTTP 402 "Payment Required" status code, allowing AI agents to make small payments automatically when accessing APIs or paid online services without relying on conventional logins or credit card authentication.

According to the companies, machine-to-machine payment models require transactions to settle quickly while keeping processing costs low. Existing card payment systems have long faced cost challenges when handling very small payments because multiple intermediaries contribute to the overall fee structure.

The proof-of-concept will therefore examine whether blockchain infrastructure can support those payment models more efficiently while remaining compatible with existing financial systems.

Park Han-han, chief executive officer of KSNet, said the company plans to build on its payment and settlement experience to provide what it described as a secure payment infrastructure for users.

Following the technical validation, KSNet and the Solana Foundation said they intend to gradually explore commercialization models suitable for South Korea's financial market.

The KSNet partnership adds another enterprise payments initiative to the Solana Foundation's recent activities across financial services.

Earlier this month, the Solana Foundation partnered with SBI Holdings to establish SBI Solana Global, a venture focused on regulated on-chain financial infrastructure in Japan. According to the companies, the initiative includes work on yen-backed stablecoins, tokenized financial products, institutional settlement services, cross-border payments, and AI-related payment applications.

South Korea has also become part of Solana's payment strategy. In April, Shinhan Card announced a proof-of-concept with the Solana Foundation to test stablecoin payments on Solana's testnet. According to Shinhan Card, the pilot evaluates transaction performance, non-custodial wallet security, and blockchain payment infrastructure while examining hybrid financial services that combine conventional payment systems with decentralized finance.

Artificial intelligence has become another area of development for the blockchain network. Earlier this month, the Solana Foundation and Google Cloud introduced Pay.sh, a payment gateway that allows AI agents to purchase API access using stablecoins on Solana. According to the companies, the platform enables per-request payments for Google Cloud services, including Gemini, BigQuery, and Vertex AI, without requiring traditional API subscriptions.

Enterprise adoption has also extended into corporate finance. On July 22, Ramp launched Solana-powered stablecoin accounts that allow businesses to hold USDC and USDT, manage treasury balances, and make cross-border payments through a single financial workflow. Ramp said more than 70% of stablecoin payment volume on its platform occurs outside traditional banking hours, indicating continued demand for around-the-clock settlement.

Consumer payment products have also incorporated Solana's infrastructure. Last year, Gemini introduced a Solana Edition credit card that automatically stakes SOL rewards earned from purchases, allowing users to participate in network validation while earning staking rewards through Gemini's platform.

The launch followed the exchange's addition of USDC and USDT transfers on Solana, which Gemini said benefited from the network's low fees and fast settlement times.

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