한국수출입은행 외화 조달 진화의 역사와 디지털 전환: 경로 의존성 극복과 하이브리드 모형

초록

Since its establishment in 1976, the Export-Import Bank of Korea (KEXIM) has evolved through strategic responses to macroeconomic crises, securing market access (1997), liquidity (2008), and sustainability (2013). Based on this business historical review, this study analyzes how the “alternative funding capabilities” accumulated at each crisis stage have been internalized as “Dynamic Capabilities” within KEXIM, contributing continuously to current strategic decision-making. Despite this progress, the current cross-border bond market remains constrained by “Path Dependence” with legacy T+2 settlement cycles and multi-layered intermediation, causing structural inefficiencies. To address this, this study proposes a “Private Permissioned Hybrid Model” as the fourth stage of KEXIM’s evolution. This model integrates blockchain-based Atomic DvP to eliminate settlement risk and lag, while employing a “Dual-Ledger” system to ensure interoperability with International Central Securities Depositories (ICSDs). The validity of this approach is strongly supported by the recent digital bond issuance by Mirae Asset Securities on the HK CMU Orion platform in January 2026. Scenario analysis confirms that shortening the settlement cycle (from T+5 to T+1) generates deterministic float benefits and operational cost savings. Consequently, this study identifies digital transformation not merely as a technical adoption, but as a critical survival strategy and a necessary evolution of the dynamic capabilities KEXIM has demonstrated over the past half-century. To support this transaction, it recommends policy measures, including regulatory sandboxes for dual-ledger operations and the establishment of a standardized “Digital KP Protocol.”

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