It has been reported that Shinhan had become the latest member of the Hedera Governing Council to expand its efforts in the field of “digital transformation.” Hedera touts its hashgraph as an enterprise-grade blockchain platform capable of processing thousands of transactions per second.
However, Shinhan representatives emphasized growing client demand for enhanced efficiency and security in financial services.
“Hedera’s public distributed ledger in particular is uniquely suited to meet the needs of a widely-used fintech service that must be fast, fair, secure, and enable the controls and visibility required by service providers.”
The report said that the bank will now begin integrating Hedera into its systems to “increase the efficiency of its internal processes.” Shinhan, which ranked as the world’s 61st-largest bank with $478.5 billion in assets as of August 2020, is no stranger to distributed ledger technology, having built a variety of services on Hyperledger Fabric since 2017, including policy loan, interest rate swaps, and pension fund deals.
South Korea’s largest bank continues to expand its blockchain initiatives, joining the governance council of Hedera Hashgraph. https://t.co/XnTfVwVh05 — Cointelegraph (@Cointelegraph) April 14, 2021
In March, Shinhan announced it had developed a blockchain-based pilot platform for testing a central bank digital currency in partnership with LG Corporation’s IT services wing. The platform seeks to allow local banks to act as intermediaries for a CBDC. Shinhan also invested in the local crypto custody consortium, Korea Digital Asset Trust, at the start of the year.
Mance Harmon, the co-founder and CEO of Hedera Hashgraph, noted “increased interest from financial institutions and governments worldwide in DLT-based financial services” for payment systems and global settlement services.
Thus, he added:
“We are thrilled that Shinhan Bank has joined the Hedera Governing Council, and look forward to working with them to be on the leading edge of the future of finance.”