"Buy Famous Artist's Works on Shinhan SOL"... Shinhan Bank Partners with Seoul Auction Blue

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 10th that it signed a business agreement on the 9th with Seoul Auction Blue, an affiliate of Seoul Auction, a leading company in the Korean art auction market, to jointly promote digital asset business.

Through this business agreement, the two companies plan to go beyond selling high-value physical assets such as artworks divided into digital shares and develop new financial products based on these digital shares to provide as services.

Until now, the industry has continuously attempted business models that digitalize shares of high-value physical assets and sell ownership in divided shares, but these efforts were not easily realized due to issues such as trust and stability regarding the storage and ownership of physical assets.

However, Shinhan Bank and Seoul Auction Blue have secured the stability and convenience of digital share investment in physical assets, which had not been resolved before, and since January have provided Shinhan Bank customers with opportunities to invest small amounts in various physical assets.

With this agreement, as platform development progresses in the future, a 'blockchain wallet' that can hold and prove digital shares will also be provided.

Currently, through the Shinhan SOL app, customers can purchase digital shares of artworks by famous painters such as Lee Ufan and Chun Kyungja, provided weekly by Seoul Auction Blue, as well as limited edition sneakers like those from PeaceMinusOne, known for G-Dragon's shoes. Due to the positive response to the service, plans are underway to expand offerings to products such as real estate and jewelry and to provide new services.

Lee Jungbong, CEO of Seoul Auction Blue, said, "Art assets will also become important digital assets," adding, "Through the art co-purchasing platform that combines Seoul Auction Blue's know-how and trust in the art trading market with technology, we will contribute to the popularization of digital art assets."

Kim Cheolgi, Head of Digital Innovation Group at Shinhan Bank, stated, "Digital assets must be provided with safety and trust like existing financial products, and I believe this is a business that banks should focus on expanding," adding, "We will continue to strive to offer various blockchain technology-based digital investment products to Shinhan Bank customers."

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