Shinhan Bank, South Korea’s largest financial institution by assets, has joined the board of directors overseeing the Hedera Network.
In an announcement released on April 14th, Shinhan announced that she was the latest member of Hedera’s board of directors to expand its digital transformation efforts. Hedera offers its segmentation graph as an enterprise-grade blockchain platform capable of processing thousands of transactions per second.
Shinhan representatives highlighted the growing demand from clients to improve the efficiency and safety of financial services and said:
“In particular, Hedera’s publicly available ledger is uniquely suited to meet the needs of widely used fintech services, which must be fast, fair, secure and provide the control and transparency that service providers need.”
The bank will now begin integrating Hedera into its systems to “improve the efficiency of its internal operations”.
Shinhan, which ranked 61st on the list of the largest banks in the world with assets of $ 478.5 billion as of August 2020, is no stranger to distributed ledger technology as a number of services have been built on Hyperledger Fabric since 2017, including political loans. Interest rate swaps and pension fund contracts.
In March, Shinhan announced that it had developed a blockchain-based experimental platform to test the central bank’s digital currency, or CBDC, in collaboration with LG Corporation’s IT services. The platform allows local banks to act as central bank intermediaries for the central bank.
Shinhan also invested in a local crypto storage consortium Korea Digital Asset Trust earlier this year.
Manz Harmon, co-founder and CEO of Hedera Hashgraph, noted the “growing interest of financial institutions and governments around the world in DLT-based financial services” for global payment systems and settlement services.
Harmon added, “We are delighted that Shinhan Bank has joined Hedera’s board of directors and look forward to working with them to remain at the forefront of the future of financing.”
Hedera has expanded its global reach in recent months: French energy giant Électricité de France joined its board of directors in March, Standard Bank Group became the first operator of the African contract in February, and Eftpos, Australia’s largest infrastructure provider, joined the board of directors after completion. Small Payments Experiences with Hedera last year.