South Korea · The Block
South Korea’s Shinhan to tap Visa’s stablecoin service for ‘future finance’ initiatives
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South Korea's Shinhan Financial Group announced Wednesday that it has signed a strategic business agreement with Visa to collaborate on stablecoins, AI, and B2B payments for its "future finance" business.
Key facts
- Shinhan, which reported a net income of 1.82 trillion won ($1.3 billion) in the last quarter, is among South Korea's top financial institutions driving digital transformation
- In April, Shinhan Card, its credit card subsidiary, announced a partnership with the Solana Foundation to trial stablecoin payment systems on the Layer 1 blockchain
- Through this agreement, we have expanded our long-standing partnership with Visa to the broader digital finance sector," said Jin Ok-dong, CEO of Shinhan Financial Group
- Soon, Shinhan said it will combine the capabilities of its major subsidiaries, including Shinhan Bank, Shinhan Card and Jeju Bank, with Visa's global payment network and digital technology
Summary
Under the agreement, the two companies will prioritize building a stablecoin-based financial infrastructure. The pair also plans to integrate stablecoins into joint pilot projects involving card payment settlements, the development of AI-based future payment models, and the expansion of B2B and B2C payment businesses. "Through this agreement, we have expanded our long-standing partnership with Visa to the broader digital finance sector," said Jin Ok-dong, CEO of Shinhan Financial Group. Soon, Shinhan said it will combine the capabilities of its major subsidiaries, including Shinhan Bank, Shinhan Card and Jeju Bank, with Visa's global payment network and digital technology.