Shinhan Bank Participates in Stablecoin Korea-Japan Overseas Remittance Pilot Experiment

Shinhan Bank announced on the 10th that it will participate in a pilot experiment for Korea-Japan overseas remittance based on stablecoins.

This pilot experiment marks the first case in Korea to test digital asset remittance based on the Korean won. It plans to verify institutional and technical challenges such as cost reduction compared to existing overseas remittances, shortened processing time, and securing payment stability.

To this end, Shinhan Bank recently joined the 'Pax Project' hosted by Japan's Progmat, Korea's Pair Square Lab, and Korea Digital Asset Custody (KDAC), strengthening international cooperation to build a next-generation global remittance and payment system utilizing digital assets.

Shinhan Bank previously conducted overseas remittance tests using the patented algorithm-based cryptocurrency 'Hedera Hashgraph' in 2021 and 2023.

Shinhan Bank is currently participating in the Bank of Korea's digital currency test 'Project Hangang.' It is also the most proactive among domestic banks in adopting digital asset-based financial services, participating as the Korean representative bank in the 'Agora Project' led by the Bank for International Settlements (BIS).

A Shinhan Bank official stated, "We will actively participate in public (CBDC) and private (stablecoin) led digital asset projects to strengthen the global competitiveness of financial services."

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