South Korea’s Shinhan Bank Signs With OmiseGo To Accelerate Blockchain Adoption

Announcements, Blockchain, News | April 10, 2018 By:

Shinhan Bank, one of South Korea’s largest commercial banks, has teamed with FinTech firm Omise and its blockchain payments platform OmiseGo to accelerate the adoption and implementation of blockchain technology in Asia.

The companies signed a Memorandum of Understanding (MoU) to establish a framework for the parties to work towards advancing the Shinhan’s digital offerings across its portfolio of payment services and mobile application. The companies will leverage Omise’s portfolio of payment technology and solutions and OmiseGO’s server and mobile SDKs that have been made publicly available for the purpose of onboarding e-wallet providers.

The goal of the partnership is to revolutionize the digital payments and facilitate a decentralized economy. The potential areas for cooperation include exchange of learnings, expertise, and information in order to support overseas processing of the Shinhan FAN Card and expand its overseas merchant base; exploring possibilities of establishing a payment infrastructure to enable mobile payments for foreigners visiting Korea by developing a Global FAN Card; and exploring potential joint projects, new business models, identify cross-border use cases, and find key application opportunities based on the OmiseGO technology.

“The OMG platform, using the Plasma architecture, is being built as a public network that is powered by ethereum,” Omise CEO Jun Hasegawa said. “The first phase of the wallet SDK was recently released and is available for anyone to use. We want to make it easy for those who need online asset exchange as part of their business to connect seamlessly to the OMG Network.”

Shinhan has been spearheading blockchain initiatives in South Korea. In November 2017, Shinhan began the development of its bitcoin wallet and vault system. In February, the bank completed blockchain trials with Ripple Labs, utilizing the Ripple network and its liquidity system xRapid to send cross-border payments in a blockchain network.