Shinhan
Bank, the first bank in Korea and subsidiary of the Shinhan Financial Group, has
successfully finalized a feasibility test for stablecoin remittance payments
using Hedera's distributed ledger technology.
The aim
of the project was to solve cross-border payments problems orchestrating from
high fees, lengthy settlements times, and the absence of tracking features.
The
pilot also involved SCB TechX, Siam Commercial Bank's technology innovation
business unit, amongst other financial institutions.
The blockchain
leader of Shinhan Bank, Byunghee Kim, made it clear that stablecoins offer a
low-cost, fast, and reliable method of transferring value across borders, which
is capable of streamlining rise in financial inclusion and improve access to
financial services for individuals and businesses in underserved communities.
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