Shinhan Card Signs Agreement with Solana to Build a Web3 Payment Ecosystem

Shinhan Card announced on April 30 that it has signed a strategic memorandum of understanding (MOU) with the Solana Foundation, a global blockchain platform, for cooperation on stablecoin payment technology and the expansion of the Web3.0 payment ecosystem.

This agreement was established to carry out practical projects based on the payment innovation collaboration discussed last year between Shinhan Card CEO Changhoon Park and Solana Foundation CEO Lily Liu. The signing ceremony was attended by Shinhan Card Vice President Kim Youngil, Solana Foundation Head of Business Development for Asia-Pacific (APAC) Luin, and other key stakeholders.

Based on the proof-of-concept (PoC) completed last year, both parties will conduct a more advanced PoC this year and jointly research the potential for commercialization across various sectors. They plan to use the Solana testnet to implement payment scenarios between customers and merchants, and to review the technical stability of the blockchain network. In particular, they will examine user convenience from the customer perspective to explore ways to utilize these services.

Additionally, they will further validate the stability of the "Non-Custodial Wallet," an essential infrastructure for the Web3.0 ecosystem. A non-custodial wallet allows users to have direct control and management authority over their assets, without entrusting them to a third-party institution. This approach enables assets to be protected more independently from external security threats and has recently garnered strong interest among users. Shinhan Card will work to ensure a stable environment for the operation of this technology, aiming to secure both user autonomy and security.

Alongside these efforts, they will also pursue the development of a new "hybrid finance model" that combines the infrastructure of traditional finance (TradFi) with the efficiency of decentralized finance (DeFi). By utilizing "Oracle" technology—which securely bridges real-world transaction data with the blockchain network—Shinhan Card plans to build its own DeFi service environment. Through this initiative, the company will assess the execution stability of smart contracts and establish system monitoring frameworks, thereby laying the technical foundation for next-generation financial models.

A Shinhan Card representative stated, "Through this agreement, we plan to rigorously verify the practical applicability of blockchain technology and proactively explore next-generation financial models. By combining Solana's infrastructure with Shinhan Card's expertise, we will do our utmost to present a safe and convenient payment environment in line with future regulatory developments."

A representative from the Solana Foundation added, "We aim to overcome the limitations of existing financial services by combining the trustworthiness of traditional finance with the efficiency of DeFi. We will prioritize regulatory compliance and customer protection, and actively cooperate with Shinhan Card to enhance technological excellence."

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