Shinhan Bank Applies Blockchain Technology to Small Business Policy Loan

Enhancing Customer Convenience in Policy Fund Loans Using Blockchain Technology

[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 17th that it has applied blockchain technology to small business policy fund loans conducted in cooperation with the Small Enterprise and Market Service.

Shinhan Bank introduced blockchain technology to small business policy fund loans to reduce the number of visits customers make to institutions and banks, shorten the loan execution period, and simplify customer work procedures. In addition, by sharing the ledger through the blockchain platform, the accuracy and speed of reconciliation tasks occurring between institutions after loan execution were improved.

Customers can use the Shinhan SOL Biz application (app) to issue a policy fund certificate from the Small Enterprise and Market Service and apply for loans in a one-stop process. Shinhan Bank plans to fully digitize small business policy fund loan services through the participation of guarantee foundations on the platform in the future.

Meanwhile, Shinhan Bank has built its own integrated blockchain platform and plans to utilize blockchain technology in various fields based on this platform to provide fast and stable financial services.

Kim Hyun-jo, head of Shinhan Bank’s Digital Research and Development (R&D) Center, said, “As various financial institutions and policy fund agencies perform linked operations, we will accelerate digital transformation based on the blockchain platform,” adding, “In the post-COVID era, we will take the lead in providing customer-centered services based on safety and speed.”

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