South Korea’s Shinhan Bank to join Council Overseeing the Hedera Network

South Korea's Shinhan Bank

April 14, 2021

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South Korea’s leading financial institution Shinhan Bank is now part of the council that oversees the Hedera network.

Shinhan Bank Is No Stranger to Distributed Ledger Technology

Shinhan Bank is a major mover in the use of distributed ledger technology (DLT) to facilitate financial innovation. Shinhan Bank has marked its presence in the DLT ecosystem with many other moves before this latest affiliation with public distributed ledger governing body, Hedera.

Since 2017, South Korea’s leading financial institution has developed several services on Hyperledger Fabric. In January this year, it invested in the digital-asset custody platform Korea Digital Asset Custody (KDAC). Later in March, South Korea’s Shinhan Bank, in partnership with LG CNS, finalized a central bank digital currencies (CBDCs) demonstration platform.

Shinhan Bank’s entry to Hedera network’s governance council is justified considering its expertise in the fintech industry. Public distributed ledger governing body Hedera network prides itself in being the enterprise-grade blockchain platform proficient in processing thousands of transactions at a second. South Korea’s leading financial institution intends to tap into Hedera’s public distributed ledger to cater to its clients’ demand for increased security and financial services efficiency.

Hedera Hashgraph and Shinhan Bank to be the Leading Edge of Future Finance

The co-founder and CEO of Hedera Hashgraph, Mance Harmon, acknowledged the rising demand for DLT-based financial services. Harmon bases this increased demand on DLT features that facilitate increased safety and efficiency, 24/7 global settlements, and the bank-less population’s inclusion, among others.

Commenting on Shinhan Bank’s entry into the public distributed ledger governing body, Harmon stated that they were excited to commence working with the bank towards being “the leading edge of future finance.”

Hedera has been on a recent expansion scheme going beyond continents in terms of partnerships. Before South Korea’s Shinhan Bank, French utility giant Électricité de France, African’s Standard Bank Group, and Australia’s Eftpos joined the Hedera governing council. IBM, another council member, is already utilizing Hedera’s DTO as it recently launched the IBM Blockchain Platform.

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