Shinhan Financial, Visa Team Up to Test Won Stablecoin Payments in South Korea

Shinhan Financial Group and Visa are joining forces to test stablecoin issuance, remittances, and redemption. The partnership signals growing interest in connecting Korea’s financial institutions with global digital payment infrastructure.

The companies signed a strategic memorandum of understanding Monday at Shinhan’s headquarters in Seoul. They will initially use Visa’s stablecoin platform to test essential functions. Subsequently, they will develop a stablecoin business model suited to Korea’s financial market.

Moreover, the partnership will explore stablecoin applications in credit card settlement and other payment services. Additionally, Shinhan and Visa will examine AI-powered payments and expanded B2B and consumer payment solutions.

Korea’s Digital Finance Push

Shinhan plans to combine its banking, card, and Jeju Bank operations with Visa’s global …

Read The Full Article Shinhan Financial, Visa Team Up to Test Won Stablecoin Payments in South Korea On Coin Edition.