Shinhan Bank ties up with telco provider for blockchain platform

The move aims to capitalise on the government’s digital voucher efforts.

Korea’s Shinhan Bank has forged a partnership with telco provider KT Corp to jointly roll out a blockchain-powered platform in an effort to capture the opportunities offered by the government’s move to introduce digital vouchers, reports The Korea Times.

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Local governments earlier announced that digital vouchers, which can be used like cash within a certain area, will be rolled out in the coming years.

Under the deal, KT is expected to set up the blockchain platform and network infrastructure whilst Shinhan develops the related financial services such as payment and account systems within the blockchain.

"Shinhan's strategic partnership with KT is a part of our efforts to introduce a convergence between finance and ICT," Shinhan Bank digital strategy department head Jang Hyeon-ki told TKT.

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Shinhan earlier set up a research center under its Digital Strategy Department exclusively for blockchain technology. Amongst the areas it is keen on exploring includes the development of an integrated certification system which can respond to online wire transfers and foreign exchange.