{"id":54699,"date":"2023-07-18T16:40:53","date_gmt":"2023-07-18T20:40:53","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=54699"},"modified":"2023-07-18T16:42:00","modified_gmt":"2023-07-18T20:42:00","slug":"shinhan-bank-completes-stablecoin-remittance-pilot","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/shinhan-bank-completes-stablecoin-remittance-pilot\/","title":{"rendered":"Shinhan Bank Completes Stablecoin Remittance Pilot"},"content":{"rendered":"\n

South Korea's Shinhan Bank<\/a> has accomplished the second proof-of-concept using stablecoins for international remittances. <\/p>\n\n\n\n

\"Shinhan
Shinhan Bank Completes Stablecoin Remittance Pilot<\/figcaption><\/figure>\n\n\n\n

The project also included participation from an unnamed Taiwanese financial institution and the SCB TechX division of Siam Commercial Bank. Real-time settlement and foreign exchange integration with the national currencies of the banks were carried out as part of the project on the Hedera network. <\/p>\n\n\n\n

The project allowed various stablecoins to use it because it was compatible with the Ethereum Virtual Machine<\/a> (EVM). In November 2021, Shinhan Bank collaborated on its first proof-of-concept project with Standard Bank of South Africa, whose name was later made public.<\/p>\n\n\n\n

At the time, the Bank revealed that it created a pool of stablecoins backed by South Korean won while the collaborating bank created a stablecoin using its local currency. <\/p>\n\n\n\n

Users could purchase stablecoins issued by Shinhan and transfer them to a partner bank account. The user might swap the money that was provided by that bank in the locally based stablecoin. Byunghee Kim\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, head of the blockchain division at Shinhan Bank, said:<\/p>\n\n\n\n

\n

“We are pleased to have demonstrated how the use of Hedera's EVM-compatible technology helps eliminate intermediaries, reduce costs, and speed up the remittance process.”<\/p>\n<\/blockquote>\n\n\n\n

\n

1\/ In a continuation of their work on #DLT<\/use><\/svg><\/span><\/a>-enabled cross-border remittances, @ShinhanBankENG<\/use><\/svg><\/span><\/a> – in collaboration with SCB TechX & other financial institutions – has today announced the successful completion of a #stablecoin<\/use><\/svg><\/span><\/a> remittances PoC pilot on #Hedera<\/use><\/svg><\/span><\/a>.https:\/\/t.co\/OUAxOfU2U4<\/use><\/svg><\/span><\/a><\/p>— Hedera (@hedera) July 18, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Remittances are international payments that are not for profit. Typically, they are slow, expensive, and difficult to track. Earlier this year, a representative of the International Monetary Fund claimed that the yearly fee revenue for remittance providers is $45 billion.<\/p>\n\n\n\n

In Web3 remittance systems, stablecoins offer an alternative to central bank digital currency<\/a> (CBDC). There are many CBDC cross-border payment initiatives, some specifically intended for remittances. <\/p>\n\n\n\n

However, only some CBDCs have been created, so technology is still in its infancy. Stablecoin-based remittance options, particularly in Latin America, are growing in popularity.<\/p>\n","protected":false},"excerpt":{"rendered":"

South Korea’s Shinhan Bank has accomplished the second proof-of-concept using stablecoins for international remittances. The project also included participation from an unnamed Taiwanese financial institution and the SCB TechX division of Siam Commercial Bank. Real-time settlement and foreign exchange integration with the national currencies of the banks were carried out as part of the project […]<\/p>\n","protected":false},"author":43,"featured_media":54701,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[15290,1531],"class_list":["post-54699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-shinhan-bank","tag-stablecoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/croc_1689710642361.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/54699","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=54699"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/54699\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/54701"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=54699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=54699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=54699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}