Shinhan Financial Group Strikes Deal with Bank of Korea to Promote Deposit Token Use

On April 1, Jin Ok-dong, chairman of Shinhan Financial Group poses for a photo with Rhee Chang-yong, governor of the Bank of Korea after signing an MOU at the Bank of Korea’s headquarters in Seoul. (Photo: Shinhan Financial Group)

Shinhan Financial Group announced that it signed a memorandum of understanding for innovation in digital financial infrastructure based on deposit tokens on April 1 at the Bank of Korea headquarters in Jung-gu, Seoul, with Shinhan Financial Group Chairman Jin Ok-dong and Bank of Korea Governor Rhee Chang-yong in attendance.

This agreement was established to ensure the successful implementation of the second real-time deposit token trading pilot project (Project Hangang) led by the Bank of Korea.

Both institutions will discover innovative financial services that the general public can experience in their daily lives and jointly explore directions for building next-generation financial infrastructure.

Based on the results achieved in the first test, Shinhan Financial Group was selected as the first partner to sign an MOU related to this second project and will engage in close working-level cooperation with the Bank of Korea.

First of all, based on various lifestyle financial platforms owned by Shinhan Financial Group, the two sides will examine potential for utilizing deposit tokens in real life such as payments for the food delivery app “Ttaenggyeoyo” and payments for Shinhan EZ Insurance for travelers.

In addition, they will introduce digital vouchers for the issuance and settlement of deposit tokens linked to government subsidies.

Through this, they aim to increase the transparency of fund execution and cooperate in discovering services that the Korean people can enjoy by using programmable currencies.

Programmable currencies refer to digital currencies designed to execute transactions automatically when conditions are met.

By launching innovative financial products, they will accelerate the digital transformation of the public sector.

Going forward, Shinhan Financial Group will continuously develop its deposit token-based infrastructure to support digital transformations of various industrial sectors, including capital markets and trade finance, and to sharpen its digital competitiveness within the global financial market.

“For the digital asset market to grow soundly, stability and trust — two fundamental values of finance — are paramount alongside technological innovation,” Chairman Jin said.

“Based on technological capabilities we have systematically prepared, Shinhan Financial Group will cooperate closely with the Bank of Korea to do its utmost to build a digital financial infrastructure that the general public can use easily and safely.”

Expanding Cooperation with Visa in Future Financial Sectors, Including AX and Digital Assets

Shinhan Financial Group announced that it held a meeting with Visa Group President Oliver Jenkins, at the Shinhan Financial Group headquarters in Seoul on April 2 to discuss the expansion of global business and cooperation in future financial sectors.

This meeting was arranged to jointly respond to changes in digital financial environments by combining Visa’s global payment networks with Shinhan Financial Group’s business capabilities, and to expand the foundation for cooperation in the global market.

The two companies shared potential cooperation scenarios in various fields including AI-based financial services, digital asset and B2B payment innovation, and global platform-linked businesses.

They also exchanged views on the direction of collaboration to sharpen Shinhan Financial Group’s overall business competitiveness.

In particular, Shinhan Financial Group plans to actively utilize Visa’s global networks and technological capabilities to accelerate AX and secure future growth engines, and to expand opportunities for collaboration with global companies and platforms.

Creation of Shinhan SOL Bangwool Forest

Shinhan Financial Group announced on April 3 that it will create the “Shinhan SOL Bangwool Forest” to restore wildfire-damaged areas in Andong, Gyeongsangbuk-do.

The Shinhan SOL Bangwool Forest is a public-private partnership project being pursued in alignment with the Korean government’s “Year of Pan-National Tree Planting” campaign.

By participating in the Southern Regional Forest Service’s joint national forest project in partnership with Tree Planet, the group plans to systematically restore forests damaged by wildfires and create healthy forests.

The forest creation project will be carried out over a total of three years, from 2026 through 2028.

The plan is to plant approximately 20,000 trees across an area of about 125,600 square meters in the Yonggak-ri area of Andong, Gyeongsangbuk-do where restoration is urgent due to wildfire damage in 2025.