Copy link
Increase text size
Decrease text size
Link copied

South Korea's Shinhan Financial Investment to develop blockchain-based stock lending platform

Image Credit:

Mon, 05 Aug 2019, 06:56 am UTC

Shinhan Financial Investment, the brokerage arm of South Korea’s oldest banking institution Shinhan Bank, has reportedly signed an agreement with financial service provider Directional to develop a blockchain-based, peer-to-peer (P2P) stock lending platform, according to local news reports.

As per Economic News, the new service will allow people to borrow and lend securities directly from other individuals, bypassing an intermediary.

Directional has been authorized by the Financial Service Commission to provide stock lending and borrowing as part of the sandbox initiative of the country.

Lending and borrowing securities have been seen as inefficient and expensive for anyone except large investors. Commissions tend to skyrocket, and securing accurate information can be challenging. But with P2P service, individual stock owners can lend their holdings to others on a cheaper and faster platform, while earning a fee in the process. Individual short sellers can also borrow stock from willing counterparties without the need for massive customary payments.

Last May, Shinhan Bank has unveiled a blockchain-based platform to hasten loan process. It utilizes blockchain technology to verify loan application and documents without face-to-face interaction, in a bid to improve efficiency and processing time while lowering associated administrative cost.

The bank has been eyeing to expand the use of blockchain technology in its processes since last year. In fact, it fully embraced blockchain technology with transactions that involve Interest Rate Swap and smart contracts.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,609.56 (-5.20%)
  • Ethereum (ETH) $256.31 (-8.54%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $375.73 (-9.52%)
  • Bitcoin SV (BSV) $294.07 (-4.62%)
  • Bitcoin (BTC) $9,609.56 (-5.20%)
Feb 20, 2020 (Thursday)
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
US Presidential candidate Michael Bloomberg proposes crypto regulatory framework
IRS invites crypto firms to discuss cryptocurrencies and related issues
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Banking giant Citi backs blockchain trade finance network Contour
Bank of Korea to develop blockchain-based bond management system
Northern Data, Canaan partner to cooperate on AI, blockchain and datacenter operations
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.