Shinhan Bank, one of South Korea’s largest banks, is now a member of the Hedera Governing Council. The bank will also begin building its fintech initiatives on Hedera Hashgraph public DLT.
Hedera Hashgraph is a decentralized public network where anyone can build applications. Technically, it’s not a blockchain but a distributed ledger. The platform’s governing council is run by leading organizations including Google, IBM, LG Electronics, Tata Communications, and now Shinhan Bank.
Shinhan Bank was already active in promoting distributed ledger technology (DLTs) to innovate its financial operations. The bank has been providing services such as policy loans, pension funds, and interest rate swap deals on the Hyperledger Fabric enterprise blockchain since 2017. More recently, Shinhan invested in the consortium Korea Digital Asset Custody, and it partnered with LG CNS to develop a blockchain-based central bank digital currency platform. Last month the platform’s preview was demonstrated for the first time.
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