Shinhan Bank Expands into Cryptocurrency Services
Shinhan Bank, a prominent player in the South Korean banking sector, has introduced an array of cryptocurrency services through its SOL smartphone application. According to Field News, these new features will equip users with tools for real-time monitoring of cryptocurrency prices and provide educational content tailored for novice investors.
Current Offerings and Future Plans
While direct trading of cryptocurrencies via the SOL app isn’t available yet, this development marks a significant advancement for Shinhan in the realm of digital assets, especially as no other local banks have rolled out similar offerings yet, despite some exploring crypto initiatives.
Currently, five domestic cryptocurrency exchanges have secured the necessary approvals to facilitate KRW-crypto transactions. Notably, commercial banks in South Korea are not permitted to operate exchanges, though institutions like Shinhan are considering crypto custody services.
The SOL app, launched by Shinhan in 2018 as part of a strategy to consolidate its mobile banking solutions, now features additional services such as market monitoring tools, informational quizzes, and news reporting on cryptocurrencies. This initiative aligns with Shinhan’s aim to enhance financial consumer protection and to foster a better understanding of cryptocurrencies among its clientele.
Commitment to Consumer Empowerment
The bank emphasized its commitment to empowering customers through accessible information, ultimately supporting informed investment decisions while prioritizing consumer protection. Looking ahead, Shinhan is set to broaden its services by collaborating with its crypto exchange partner, Korbit, which will soon enable users to buy and sell cryptocurrencies directly through the SOL app, along with checking their wallet balances.
Digital Asset Initiatives
Earlier this year, Shinhan Bank also established a digital asset task force tasked with expanding its portfolio in the digital asset sector. Early projects include trials for stablecoin-based cross-border remittances and a venture into token-based payment settlements. In line with this, Shinhan has applied for a trademark on a new won-pegged stablecoin, KRWSH.
Moreover, in collaboration with Korbit, the bank is promoting corporate transaction services. While South Korean companies currently cannot use their balance sheets to invest in cryptocurrencies, regulatory changes expected later in the year will permit larger corporations to enter the crypto market, following a roadmap released by the Financial Services Commission.
Conclusion
Shinhan Bank’s moves into the cryptocurrency space reflect a broader trend as the financial landscape continues to evolve in South Korea, paving the way for increased corporate participation in digital currencies and innovative financial solutions.
