{"id":1401,"date":"2025-09-04T16:19:37","date_gmt":"2025-09-04T16:19:37","guid":{"rendered":"https:\/\/hederav2stg.wpenginepowered.com\/?page_id=1401"},"modified":"2025-12-18T03:43:49","modified_gmt":"2025-12-18T03:43:49","slug":"shinhan-bank","status":"publish","type":"case-study","link":"https:\/\/hedera.com\/case-study\/shinhan-bank\/","title":{"rendered":"Advancing cross-border payments across Asia"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Problem<\/h2>\n\n\n\n<p>Traditional cross-border payments are notoriously slow and expensive. Settlement times often stretch from three to five business days, with customers paying $20\u2013$80 in additional intermediary fees. For the $702 billion international remittance market, these inefficiencies not only drive up costs but also limit financial access, particularly in emerging markets. Transactions are also difficult to trace, leaving gaps in transparency and trust.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Solution<\/h2>\n\n\n\n<p>Hedera enabled banks to mint locally-denominated stablecoins using Hedera Token Service, achieving real time settlement and FX integration. Hedera Consensus Service tracked transactions and confirmed exchange rates, while the EVM-compatible framework allowed multiple stablecoin issuers to participate. This solution eliminated intermediaries, reduced costs dramatically, and provided full transaction traceability across borders.<\/p>\n\n\n\n<div class=\"wp-block-group quote-card-csarc has-white-color has-black-background-color has-text-color has-background has-link-color wp-elements-d48db967f3ffb19185539e9333b263d2 is-nowrap is-layout-flex wp-container-core-group-is-layout-f676c171 wp-block-group-is-layout-flex\" style=\"padding-top:40px;padding-right:40px;padding-bottom:40px;padding-left:40px\">\n<figure class=\"wp-block-image size-full is-resized headshot\"><img fetchpriority=\"high\" decoding=\"async\" width=\"730\" height=\"812\" src=\"https:\/\/hedera.com\/wp-content\/uploads\/2025\/10\/kim-byun-hee.png\" alt=\"\" class=\"wp-image-480\" style=\"width:230px\" srcset=\"https:\/\/hedera.com\/wp-content\/uploads\/2025\/10\/kim-byun-hee.png 730w, https:\/\/hedera.com\/wp-content\/uploads\/2025\/10\/kim-byun-hee-270x300.png 270w\" sizes=\"(max-width: 730px) 100vw, 730px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full is-resized quote-icon\"><img decoding=\"async\" src=\"https:\/\/hedera.com\/wp-content\/uploads\/2025\/09\/icon-quote-mark.svg\" alt=\"\" class=\"wp-image-106\" style=\"width:41px\"\/><\/figure>\n\n\n\n<div class=\"wp-block-group quote-text has-white-color has-text-color has-link-color wp-elements-b2a139c3dc4d9a53b4f47cbc18ff9f83 is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"h4\">The successful completion of this second proof of concept with Hedera marks an important step forward in our efforts to make cross-border payments faster, cheaper, and more accessible to people around the world.<\/p>\n\n\n\n<p class=\"body-surname\">Kim Byung-Hee<\/p>\n\n\n\n<p class=\"body-company\">Chief of Blockchain Division<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"300\" height=\"50\" src=\"https:\/\/hedera.com\/wp-content\/uploads\/2025\/12\/Shinhan_Bank_Logo_White.svg\" alt=\"Shinhan Bank Logo\" class=\"wp-image-18730\" style=\"width:auto;height:40px\"\/><\/figure>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Shinhan Bank advances cross-border payments with Hedera<\/h2>\n\n\n\n<p>Using Hedera Token Service, participating banks minted locally denominated stablecoins to represent national currencies, enabling near-instant settlement with integrated foreign exchange capabilities. Transactions were confirmed within three to five seconds\u2014compared to days via traditional rails\u2014and fees were reduced by up to 95%.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why Hedera<\/h2>\n\n\n\n<p>Hedera Consensus Service provided an immutable record of each transaction, including exchange rate confirmations, ensuring full transparency and auditability. Hedera\u2019s EVM-compatible framework also allowed multiple stablecoin issuers to seamlessly participate in the same transaction flow, making the pilots a strong model for scalable, multi-bank interoperability.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Summary<\/h2>\n\n\n\n<p>By eliminating intermediaries, streamlining foreign exchange, and ensuring real-time settlement, Shinhan Bank and its partners demonstrated a viable path to faster, cheaper, and more transparent global payments. These pilots highlight Hedera\u2019s potential to not only reduce friction in cross-border transfers but also to expand access to reliable financial services worldwide.<\/p>\n\n\n\n<p>With these successful trials, Shinhan Bank is paving the way for a new era of international remittances\u2014one where blockchain-powered payments can deliver speed, cost efficiency, and trust at a global scale.<\/p>\n","protected":false},"featured_media":8861,"template":"","meta":{"_acf_changed":true,"content-type":""},"tags":[],"class_list":["post-1401","case-study","type-case-study","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Shinhan Bank | Hedera<\/title>\n<meta name=\"description\" content=\"Shinhan Bank is exploring how Hedera can streamline cross-border remittances through stablecoin technology - reducing settlement times, costs, and reliance on intermediaries.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hedera.com\/case-study\/shinhan-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Advancing cross-border payments across Asia | Hedera\" \/>\n<meta property=\"og:description\" content=\"Shinhan Bank is exploring how Hedera can streamline cross-border remittances through stablecoin technology - 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