Shinhan DS Signs Agreement with Hancom With to Develop Digital Asset Management Platform

[Asia Economy Reporter Haeyoung Kwon] Shinhan DS signed a business agreement on the 13th at the HancomWITH headquarters located in Seongnam-si, Gyeonggi-do, to jointly develop a blockchain digital asset management platform and discover new business models with HancomWITH.

This agreement is part of accelerating digital transformation within Shinhan Financial Group. It was promoted to secure capabilities to proactively respond to the activation of blockchain business within the group and market changes.

Based on the know-how accumulated through building and operating blockchain businesses within the group, Shinhan DS plans to jointly develop a hybrid blockchain platform combining 'Hyperledger Fabric' and 'Private Ethereum' with HancomWITH.

This platform will have a modular structure to flexibly apply to various forms of digital asset services and will be designed to efficiently apply to complex financial sector regulations and business processes through digital asset modeling technology. Additionally, it will enhance security by applying HancomWITH's authentication technologies (PKI, FIDO) and key management technologies, and provide differentiated services by applying blockchain ledger data automatic encryption and decryption technology.

Both companies plan to complete the development of the digital asset management platform by the first half of the year and continuously improve it through market status analysis and pilot application. They also plan to jointly discover new business models in new fields in the future.

A Shinhan DS official stated, "Starting with the development of this blockchain digital asset management platform, we plan to prepare and promote various strategies to strengthen Shinhan Financial Group's digital transformation."

This content was produced with the assistance of AI translation services.