Tuesday 18 July 2023

SOUTH KOREA’S SHINHAN BANK COMPLETES PRACTICAL TEST FOR STABLECOIN REMITTANCE PAYMENT

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.
 
He added that the stablecoin remittance pilot is compatible with the Ethereum Virtual.

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