Two companies participating in this project are Siam Commercial Bank’s technology subsidiary (SCB TechX) and a major financial institution from Taiwan, along with several other financial companies.
This test is the next effort by Shinhan Bank following its initial collaboration with Standard Bank on international money transfers using stablecoins in 2021.
According to Hedera’s press release, the test has achieved real-time payment settlement and integrated foreign exchange (FX) rates for the Thai Baht (THB), New Taiwan Dollar (NTD), and South Korean Won (KRW).
Byung Hee Kim, Director of the Blockchain Division at Shinhan Bank, expressed the bank’s excitement in exploring the potential of stablecoins as a cross-border payment mechanism.
Shinhan Bank continues to venture into the cryptocurrency industry with innovative blockchain initiatives and solutions. Since 2019, the Seoul-based bank has collaborated with two fintech companies to build a blockchain-based security solution.