SEOUL,
South Korea, July 18,
2023 /PRNewswire/ -- Shinhan Bank (the first modern
bank in Korea), 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 the
highly-efficient and eco-friendly Hedera open-source public
network.
The pilot achieved real-time settlement and real-time foreign
exchange (FX) rate integration across the Thai Baht (THB), New
Taiwan dollar (NTD), and South Korean won (KRW) in a test
environment that aligns to current production capabilities. The PoC
is EVM-compatible, meaning that any EVM-based
stablecoin issuers can participate using the framework
going forward.
This PoC is a continuation of Shinhan Bank's previous work that
started in 2021, when they partnered with Standard Bank on
stablecoin international remittances (see
https://hedera.com/blog/shinhan-bank-to-conduct-stablecoin-international-remittance-poc-on-hedera-network-in-partnership-with-major-multinational-bank).
The second pilot's success marks a significant milestone in the
quest for efficient, low-cost, cross-border payments.
"We are pleased to have partnered with Hedera to explore the
potential of stablecoins as a means of facilitating cross-border
remittances," said Byunghee Kim,
Chief 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 low-cost, fast, and reliable way
to transfer value across borders, which can help to 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-compatible technology helps eliminate
intermediaries, reduce costs, and speed up the remittance
process."
SCB TechX emphasized the potential of stablecoins to increase
financial inclusion, as their CEO, Trirat Suwanprateeb, stated that
"stablecoins offer a low-cost, fast, and reliable way to transfer
value across borders, which can help to 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 conduct 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 app 'SOL.' 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 financial group's stock (KRX:055550) is listed on
the Korea Exchange.
About SCB TechX
SCB TechX Co., Ltd. is a digitally
native, industry-leading, platform-as-a-service business that
provides innovative banking services (such as loan products and
checking and savings accounts) and non-banking services (like food
delivery, health and wellness content, and online travel booking)
to commercial institutions and consumers throughout Southeast Asia. A true cloud-native entity,
SCB TechX helps institutions reinvent how they engage with their
customers, while driving significant efficiencies in the back
office. To learn more, please visit www.scbtechx.io.
About Hedera
The Hedera network is the most
sustainable public ledger for the decentralized
economy. Hedera's robust ecosystem is built by a global community,
on a network governed by a diverse council of industry-leading
organizations, including abrdn, Avery
Dennison, Boeing, Chainlink Labs, COFRA Holding, DBS Bank,
Dell Technologies, Dentons, Deutsche Telekom, DLA Piper, EDF
(Électricité 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.com, or follow us on
Twitter at @Hedera, Telegram at t.me/hederahashgraph, or Discord at
www.hedera.com/discord. The Hedera whitepaper can be found at
www.hedera.com/papers.
Media contact
hedera@wachsman.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/shinhan-bank-scb-techx-and-other-financial-institutions-successfully-complete-second-stablecoin-remittances-pilot-on-the-hedera-network-301877894.html
SOURCE Hedera