Seoul, South Korea, July 18, 2023 /PRNewswire/ — Shinhan Bank (Korea’s first modern bank), SCB TechX (Siam Commercial Bank’s technology innovation business unit) and the largest financial institution in taiwan today announced the successful completion of a stablecoin remittance proof of concept (PoC) pilot. The PoC was built on top of the highly efficient and eco-friendly Hedera open source public network.
The pilot achieved real-time settlement and FX integration in Thai Baht (THB), New Taiwan Dollar (NTD) and South Korean Won (KRW) in a test environment that was aligns with current production capabilities. . The PoC is EVM compatible, which means that any EVM-based device stablecoin issuers may participate using the framework in the future.
This PoC is a continuation of previous work by Shinhan Bank which began in 2021, when it partnered with Standard Bank in stablecoin international remittances (see https://hedera.com/blog/shinhan-bank-to-conduct-stablecoin-international-remittance-poc-on-hedera-network-in-association-with-major-multinational-bank). The success of the second pilot marks a significant milestone in the search for efficient and low-cost cross-border payments.
“We are pleased to have partnered with Hedera to explore the potential of stablecoins as a means to facilitate cross-border remittances,” he said. byunghee kim, Head of the Blockchain division at Shinhan Bank. “The successful completion of this second PoC marks an important step forward in our efforts to make cross-border payments faster, cheaper, and more accessible to people around the world.” byunghee kim further highlighted the importance of leveraging blockchain technology for cross-border payments, stating that “Stablecoins offer a cheap, fast and reliable way to transfer value across borders, which can help increase financial inclusion and improve access to financial services for individuals and businesses in underserved communities. With this next phase of PoC, we are pleased to have demonstrated how the use of Hedera’s EVM-enabled technology helps eliminate intermediaries, reduce costs and speed up the remittance process.”
SCB TechX emphasized the potential of stablecoins to increase financial inclusion, as its CEO, Trirat Suwanprateeb, stated that “stablecoins offer a reliable, fast and low-cost way to transfer value across borders, which can help increase financial inclusion and improve access.” to financial services for individuals and businesses in underserved communities.
This announcement marks an important milestone for the financial industry as more banks and financial institutions look to explore the potential of blockchain and distributed ledger technology (DLT) to transform the way we make cross-border payments.
About Shinhan Bank
Shinhan Bank is a leading commercial bank in South Korea with KRW 664.4 trillion in assets. The company provides a full range of banking services to its 27 million customers (individual consumers, SMEs, and large corporations) with 887 branches, including 166 global branches in twenty countries; the company also serves its 15.9 million mobile users with its award-winning ‘SOL’ application. The company’s financial group, ‘Shinhan Financial Group’, is a diversified holding company with 15 companies, including Shinhan Card, Shinhan Investment and Shinhan Life. The shares of the financial group (KRX:055550) are listed on the Korea Stock Exchange.
About SCB TechX
SCB TechX Co., Ltd. is an industry-leading digitally native platform-as-a-service company that provides innovative banking services (such as checking and savings accounts and loan products) and non-banking services (such as food delivery, health content and wellness, and online travel booking) to commercial institutions and consumers throughout Southeast Asia. A true cloud-native entity, SCB TechX helps institutions reinvent the way they interact with their customers, while driving significant efficiencies in the back office. For more information, visit www.scbtechx.io.
The Hedera network is the most sustainable public ledger for the decentralized economy. Hedera’s robust ecosystem is built by a global community, in a network governed by a diverse council of industry-leading organizations, including abrdn, Avery DennisonBoeing, Chainlink Labs, COFRA Holding, DBS Bank, Dell Technologies, Dentons, Deutsche Telekom, DLA Piper, EDF (Electricité de France), eftpos, FIS (WorldPay), Google, IBM, the Indian Institute of Technology (IIT), LG Electronics, The London School of Economics (LSE), Magalu, Nomura Holdings, ServiceNow, Shinhan Bank, Standard Bank Group, Swirlds, Tata Communications, Ubisoft, University College London (UCL), Wipro and Zain Group.
For more information visit www.hedera.comor follow us on Twitter at @Hederatelegram to t.me/hederahashgraphor Discord in www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers.