Follow Korean bank Shinhan on its exciting adventure on the Hedera network, where it has completed a groundbreaking pilot project for stablecoin settlements. Find out how this promising PoC paves the way for efficient, low-cost cross-border payments, while establishing the power of Hedera’s EVM-compatible technology.
Enter the exciting world of cross-border stablecoin payments, where Korean bank Shinhan, along with Siam Commercial Bank, has embarked on a bold venture on the Hedera network. With 664.4 trillion won in assets and a global presence in 20 countries, Shinhan Bank is determined to explore the possibilities offered by public blockchain technology.
Guided by the vision of efficiency and speed in financial settlements, Shinhan Bank has partnered with SCB TechX, the innovation subsidiary of Taiwan’s leading financial institution. Together, these partners embarked on an innovative pilot project to carry out funds transfers in stablecoin.
Shinhan, more than just a proof of concept!
The PoC was an opportunity to test the real-time settlement and exchange rate integration capabilities of several currencies, including the Thai Baht, the New Taiwanese Dollar and the South Korean Won. This technological feat was achieved in a test environment reflecting current production capacities.
The Hedera network, developed by technology and banking giants such as Google, IBM and Standard Bank Group, provides fertile ground for these bold experiments.
This pilot project, compatible with the Ethereum Virtual Machine (EVM), opens up new prospects for EVM-based stablecoin issuers. A futuristic and promising framework is thus unveiled, where collaboration between financial institutions is at the heart of innovation.
For Shinhan Bank, this is not the first foray into the world of international stablecoin transfers. A project already initiated in 2021 with Standard Bank had paved the way for this new financial frontier.
“The success of our second pilot project is a crucial step towards more efficient, low-cost cross-border payments,” enthuse the partners in this banking exploration. They emphasize the importance of stablecoins in reducing costs, speeding up transactions and increasing financial inclusion.
Byunghee Kim, Head of Blockchain at Shinhan Bank, attests to the significance of this groundbreaking PoC:
“This project goes beyond mere proof of concept. It demonstrates the ability of Hedera’s EVM-enabled technology to eliminate intermediaries, reduce costs and accelerate the funds transfer process.”
In this era of unprecedented technological breakthroughs, Shinhan Bank is charting its course towards a financial future where borders become blurred lines, enabling easier access to financial services for all.
