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Shinhan Financial signs with Visa to pilot stablecoin payment uses
The agreement targets stablecoin use for issuance, remittance, and redemption verification, plus card settlement pilots and B2B and B2C payments.
South Korea’s Shinhan Financial Group said it has signed a strategic business agreement with Visa to work on stablecoins, AI, and business-to-business and business-to-consumer payments as part of its “future finance” initiatives, according to The Block.
Under the partnership, Shinhan plans to use Visa’s stablecoin platform to verify issuance, remittance, and redemption, and the companies will jointly design a Korea-specific business model tailored to the domestic financial environment.
The two also plan pilot projects that integrate stablecoins into card payment settlement, support the development of AI-based future payment models, and expand payment services for B2B and B2C businesses.
Shinhan said it will combine capabilities across its major subsidiaries, including Shinhan Bank, Shinhan Card, and Jeju Bank, with Visa’s payment network and digital technology. Shinhan reported net income of 1.82 trillion won, or about $1.3 billion, in the last quarter, The Block noted.