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South Korean Shinhan Bank successfully completes feasibility test for StableCoin transfer payments with Hedera network
Shinhan Bank, a large South Korean commercial bank operator, has successfully completed a feasibility test for StableCoin transfer payments on the Hedera network. This test was carried out in cooperation with SCB Techx, the innovation area of the Siam Commercial Bank. The Proof-of-Concept pilot project enabled real-time processing and exchange rate integration for the Thai Baht (THB), the new Taiwan dollar (NTD) and the South Korean Won (KRW). The POC used the Smart Contract functions from Hedera and was compatible with the Ethereum Virtual Machine (EVM). As a result, all EVM-based stable coin emitters can take part in the framework. The cooperation between Shinhan Bank and Hedera began in November 2021 with the aim of enabling international stable co-transitions. Hedera argued that customers ...
South Korean Shinhan Bank successfully completes feasibility test for StableCoin transfer payments with Hedera network
Shinhan Bank, a large South Korean commercial bank operator, has successfully completed a feasibility test for StableCoin transfer payments on the Hedera network. This test was carried out in cooperation with SCB Techx, the innovation area of the Siam Commercial Bank.
The Proof-of-Concept pilot project enabled real-time processing and exchange rate integration for the Thai Baht (THB), the new Taiwan dollar (NTD) and the South Korean WON (KRW). The POC used the Smart Contract functions from Hedera and was compatible with the Ethereum Virtual Machine (EVM). As a result, all EVM-based stable coin emitters can take part in the framework.
The collaboration between Shinhan Bank and Hedera began in November 2021 with the aim of enabling international stable coin transfers. Hedera argued that customers in the current financial system had to bear high intermediate bank costs. Cross-border transfers between countries without sufficient liquidity and direct network lead to additional intermediary fees of $ 20-80 in addition to the regular transfer fees. In addition, the transactions last 3-7 days and are non-transparent for the customer.
Kim Byunghee, head of the Blockchain department of Shinhan Bank, emphasized the advantages of Hedera's EVM-compatible technology, which contributes to eliminating intermediate, reducing costs and accelerating the transfer. Hedera said that the stable coin solution developed by the banks enables individuals and organizations to send and receive funds at a locally denominated stable coin at remarkably low fees.
Trirat Suwanprateb, CEO of SCB TECHX, emphasized that such assets offer an inexpensive, quick and reliable option for cross -border value transmission and improve financial inclusion in underserved communities.
Shinhan Bank has increasingly focused on digital assets in recent years. In January 2021, the bank entered into a partnership with the US crypto-custody provider Bitgo and the Korea Digital Asset Trust (KDAC), supported by the Krypto exchange basket. This enabled the development of crypto attitude solutions and the provision of custody services for digital assets.
In March 2021, Shinhan presented a pilot platform for digital central bank currencies (CBDC) together with LG ZNS, the IT service branch of the electronics group LG. In April 2023, Shinhan was the first bank in South Korea, which offered a corporate customer crypto account services.The cooperation between Shinhan Bank and Hedera for StableCoin transfers marks an important milestone for banks and institutions that want to explore the potential of blockchain and distributed Ledger technology (DLT) for cross-border payments. Such solutions are expected to enable more accessibility, security and interoperability for the emerging digital economy.