Shinhan Partners with Visa on Stablecoin Infrastructure in South Korea
Shinhan Financial Group, one of South Korea's largest financial conglomerates, has partnered with Visa to develop stablecoin infrastructure and AI-powered payment models. This move comes as South Korea advances its Digital Asset Basic Act, which aims to establish a broader regulatory framework for cryptocurrencies.
The partnership will enable Shinhan to test key functions such as stablecoin issuance, remittances, and redemption using Visa's enterprise stablecoin platform. The companies will also work together to develop payment and settlement services tailored to the South Korean market.
Shinhan Financial Group Chairman Jin Ok-dong stated that the partnership will combine Shinhan's financial capabilities with Visa's global infrastructure to design new future finance models. This is a significant step for both parties, as it signals growing interest among South Korean banks in stablecoin settlement and tokenized assets.