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Shinhan Bank, the oldest bank in South Korea, has partnered with two fintech companies to develop a blockchain-based security solution.
According to local news outlet The Korea Times, Shinhan Bank has signed a memorandum of understanding with financial technology startup Ground X and blockchain developer Hexlant to build a Private Key Management System for its banking services.
Under the deal, Ground X, which is the blockchain subsidiary of South Korean messaging giant Kakao, will provide a blockchain-based platform. Meanwhile, Hexlant will develop the infrastructure that will feature an anti-cracking program for the platform.
“Blockchain technology has gained attention from the financial sector for its advantages, but financial firms have experienced difficulties in applying the technology to their system,” a bank official said. “Shinhan Bank will provide a convenient user-friendly interface under the deal with Ground X and Haxlant.”
The new system could see testing as early as this coming October.
The partnership follows after Shinhan Financial Investment, the brokerage unit of Shinhan Bank, reportedly signed an agreement with financial service provider Directional to develop a blockchain-based, peer-to-peer (P2P) stock lending platform. The new service will allow people to borrow and lend securities directly from other individuals, bypassing an intermediary.
In May, Shinhan Bank also revealed a blockchain-based platform to hasten loan processes. It uses blockchain technology to verify loan application and documents with no face-to-face interaction, in a bid to improve efficiency and processing time while lowering associated administrative costs.
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