Shinhan Bank announced on November 30 that it has further strengthened its digital financial competitiveness by developing and verifying “stablecoin”—based overseas remittance technology for the first time in the domestic banking industry.
A stablecoin is a blockchain-based digital asset whose value is fixed (one to one) with legal tenders by minimizing price volatility. A case in point is Tether, a coin created by the exchange platform Bitfinex in Hong Kong to link with the US dollar. The creator of One Tether designed it to be worth one US dollar.
The overseas remittance service was carried out in a way that the sending bank prepares a full text of foreign currency remittance and delivers it to the receiving bank through an intermediary bank. The remittance takes two to six days.
On the other hand, stablecoin-based overseas remittance is a direct transfer between banks, so this service does not charge fees for intermediary banks but less than 100 won is paid as a block chain network usage fee. The service remittance time is close to 35 seconds.
In particular, stablecoin-based overseas remittance excels in transparency and scalability in addition to lower transaction costs and fast speed compared to existing overseas remittances.
In existing overseas remittance, it is difficult for customers to check the progress of remittance in real time, but stablecoin-based overseas remittance allow users to check their remittance details in real time at any time, just like domestic interbank transfers due to the nature of block chains.
Shinhan Bank has been working with Hedera Hashgraph(HBAR) to develop stable coin-based overseas remittance technology based on blockchain technology and networks since August. The lender is participating in the management of Hedera Hashgraph as a member of the latter’s board of directors.
A remittance bank and a receiving bank issued and canceled won-denominated stablecoins after confirming the remittance contents through the Hedera Hashgraph in a Proof of Concept (PoC) environment.
“This technical verification did not include the bank’s core system linkage and the Korean won settlement process,” a Shinhan Bank official said. “We will accelerate the provision of blockchain-based differentiated financial services to customers in line with our vision, ‘Easier, More Convenient and Newer Finance.’”
In a related development, Shinhan Bank launched Moneyverse which provides personalized financial services by collecting personal credit information.
Shinhan Bank said on Dec. 1, Moneyverse collects credit information distributed among various companies and provides customized financial services such as integrated inquiry, asset/financial analysis and consumption/expenditure management.
The brand name, Moneyverse is a combination of Money Birth, Money Bus and Money Verse, the official said.
Its detailed services include Tax Saving Tips that tells customers how to reduce tax, Account/Card Consumption Analysis that analyzes consumption patterns, Insurance Analysis that customers the scope of insurance coverage and Credit Management that gives customers credit management advice.
A goal management service is provided, which allows customers to set their own goals and prepare budgets that suit them. The Data Pick Service helps them invest in financial products that are suitable for them or products that many of their peers subscribe to.
By using the “MY Calendar” function, they can manage your subscriptions for apartments, IPO schedules and their own financial transaction schedules.
In addition, it provides services such as an investment indicator reminder, apartment subscription consulting, apartment house recommendations, comprehensive and customized pension information and expert advice that notifies customers of changes related to investment.
In order to commemorate the launch of Moneyverse, Shinhan Bank will hold an open membership registration event until January 27 of 2022.
The event provides 1,000 MyShinhan points to all customers who sign up for the service, and provides up to 10 raffle opportunities to receive MyShinhan Points, Starbucks coffee coupons, CU gift certificates, and Olive Young gift certificates to customers depending on the number of connected asset-related companies and institutions.
“We hope our customers will enjoy managing assets through a service that provides advanced fast and accurate information tailored to each customer,” a Shinhan Bank official said.
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