Shinhan Financial Group and Visa are joining forces to test stablecoin issuance, remittances, and redemption. The partnership signals growing interest in connecting Korea’s financial institutions with global digital payment infrastructure.
The companies signed a strategic memorandum of understanding Monday at Shinhan’s headquarters in Seoul. They will initially use Visa’s stablecoin platform to test essential functions. Subsequently, they will develop a stablecoin business model suited to Korea’s financial market.
Moreover, the partnership will explore stablecoin applications in credit card settlement and other payment services. Additionally, Shinhan and Visa will examine AI-powered payments and expanded B2B and consumer payment solutions.
Korea’s Digital Finance Push
Shinhan plans to combine its banking, card, and Jeju Bank operations with Visa’s global network. Hence, the group aims to develop services that can respond to changing payment habits.
Besides, Shinhan has already explored blockchain-based payment infrastructure through separate partnerships. Shinhan Card recently worked with the Solana Foundation on stablecoin payment trials.
Earlier this month, Shinhan’s asset management arm also joined Solana, Etherfuse, and Orca. The group plans to test a won-denominated tokenized fund.
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