Shinhan Card is collaborating with Japan's SBI Group to test card payments using yen stablecoins and to verify technology for cross-border trade payment settlements.
On October 21, Shinhan Card announced that it has signed a memorandum of understanding with two subsidiaries of SBI Group to expand a Web 3.0-based global payment ecosystem.
Under the agreement, the three parties will jointly conduct proof of concept (PoC) for yen stablecoin card payments, wallet-to-wallet (W2W) transactions, and cross-border trade payment settlements.
Initially, they will assess whether yen stablecoins can provide convenience similar to existing card payments. Specifically, they plan to verify if Japanese tourists visiting Korea can use stablecoins as easily as traditional cards for payments. They will also examine measures to ensure payment security, including anti-money laundering (AML) and fraud detection systems (FDS).
In the area of trade payment settlements, they will explore methods to facilitate faster and more efficient fund transfers using stablecoins compared to existing international remittance networks. Based on the verification results, the three parties will engage in further discussions to explore the commercialization potential of payment and settlement services between Japan and Korea.
This collaboration is part of Shinhan Financial Group's strategy to expand its global digital asset infrastructure. In August, Shinhan Financial Group signed a memorandum of understanding with Visa Group to collaborate on future financial projects involving digital assets and artificial intelligence (AI)-based payments.
A Shinhan Card representative stated, "Through this agreement, we aim to enhance our capabilities in Web 3.0-based payment and settlement technologies, including stablecoins, and increase our competitiveness in the global digital payment market."
* This article has been translated by AI.
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