Shinhan Bank participates as a member of the HBAR operation council

Shinhan Bank announced that it has joined the Governance Council of Hedera Hashgraph (HBAR), a distributed blacksmithing technology development project for enterprises. Coinpost reported on the 14th.

It is the 20th participating organization after the Standard Bank Group (South Africa) in February and France Electric Power in March. In addition to Shinhan Bank, LG CNS, a large electronic device maker, has already joined the operation council in Korea.

[Shinhan Bank paying attention to the use of DLT]

Shinhan Bank, a large domestic financial institution with 20 million customers in 20 countries around the world, is focusing on the distributed ledger technology (DLT) field for the purpose of financial innovation. This movement has been accelerating for 21 years, and in January, it invested in Korea Digital Asset Custody (KDAC), a consortium of domestic digital asset custodial (management) service companies. In March, we demonstrated a platform for CBDC (Central Bank Digital Currency) with LG CNS, a subsidiary of LG Group, which is a member of Hedera’s Operational Council.

In addition, Shinhan Bank has previously used blockchain technology as its service infrastructure. Since 2005, services such as contractor loan services, pension funds and interest rate swaps have been developed by the Linux Foundation and built on Hyperledger Fabric, a private chain sponsored by IBM.

Shinhan Bank is trying to streamline the business process by participating in Hedera’s management council and using Hedera’s network as an infrastructure. In addition, as many fintech companies start operations on distributed ledgers, and as the number of services built in Hedera’s distributed ledgers increases, we hope that innovation in banking services will continue to accelerate. There is.

Shinhan Bank made the following comments on joining the Operational Council and transitioning to digitalization.

“There is an increasing number of customers and partners interested in the benefits of implementing digitalization that improve the efficiency and safety of financial systems. Hedera’s public decentralized blacksmithing technology is particularly suitable for meeting the demands of widely used fintech services, enabling high-speed, fair and safe control and visualization required by service providers. I would like to participate in the management council of Hedera and work on the development of solutions that support the next generation of finance, along with a global organization that leads various industries.”

[Hedera focusing on commercializing DLT in existing financial institutions]

Demand for tokenization of value such as CBDC and stablecoins is increasing in existing financial institutions such as Standard Bank other than Shinhan Bank, which has newly announced its membership in the Operation Council, and eftpos, an Australian payment infrastructure provider, which is a member of the Council. Because of the expansion, Hedera aims to put DLT into practical use, and strengthens alliance with IBM, a member organization of the Operational Council. As a result of efforts to strengthen the interoperability of private chains and public chains, “Tech Preview” was released at the end of March 2009.

Tech Preview aims to apply the benefits of combining Hedera’s decentralized consensus service with IBM’s blockchain platform based on the private chain Hyperledger Fabric to practical use cases in existing financial institutions.

Regarding financial institutions’ use of DLT and participation in Shinhan Bank’s operation deliberation, Hedela’s CEO Mance Harmon said:

“Financial institutions and governments interested in DLT-based financial services are increasing around the world. The reasons for this range from enhancing the stability and efficiency of large-scale payment systems and retail payment systems, from smoothing global payments 24/7 to building a system that is more reliable than personal electronic money, and to financial inclusion for people without bank accounts. We are pleased that Shinhan Bank participated in Hedera’s management council. We look forward to pioneering the future of finance together.”

(Hedera Hashgraph, Hedera Hashgraph, and Hedera Hashgraph, Governor of the New Korea International Council) Replying to @Mr.

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