Copy link
Increase text size
Decrease text size
Link copied

South Korea’s Shinhan Bank partners with KT to develop blockchain solution

Wed, 08 Aug 2018, 09:57 am UTC

Shinhan Bank, South Korea’s second largest commercial bank by total assets, has entered into a partnership with telecom giant KT in order to jointly build a blockchain-based service, The Korea Times reported.

The bank has signed an agreement with KT to develop a blockchain platform with the goal of leveraging local governments' recent efforts to introduce digital vouchers, which can be used like cash in certain regions.

Under the agreement, KT will provide its technological expertise to set up the platform and network infrastructure while Shinhan will focus on developing related financial services such as payment and account systems within the blockchain platform.

"Shinhan's strategic partnership with KT is a part of our efforts to introduce a convergence between finance and ICT," said Shinhan Bank Digital Strategy Department head Jang Hyeon-ki."The blockchain technology will upgrade customers' financial activities to a new level."

Recognizing the potential of blockchain technology, Shinhan has set up a blockchain research center under its Digital Strategy Department. The bank is working on an integrated certification system for various financial activities such as online wire transfer and foreign exchange.

KT is also actively involved in the blockchain space. It is operating a blockchain taskforce since 2015 and recently showcased a blockchain-powered commercial network, capable of handling 2,500 transactions per second (TPS).

"The partnership with Shinhan Bank will be an opportunity to expand the boundaries of KT's blockchain technology into the financial sector," KT Platform Service director Kim Hak-joon said. "KT will continue doing its best in contributing to the nation's blockchain industry."

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,107.30 (+5.77%)
  • Ethereum (ETH) $247.21 (+3.66%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $260.81 (+7.20%)
  • Bitcoin SV (BSV) $204.34 (+5.00%)
  • Bitcoin (BTC) $10,107.30 (+5.77%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.