{"id":22375,"date":"2023-07-18T21:38:26","date_gmt":"2023-07-18T21:38:26","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/shinhan-bank-tests-stablecoin-remittances-on-the-hedera\/"},"modified":"2023-07-18T21:38:26","modified_gmt":"2023-07-18T21:38:26","slug":"shinhan-bank-tests-stablecoin-remittances-on-the-hedera","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/shinhan-bank-tests-stablecoin-remittances-on-the-hedera\/","title":{"rendered":"Shinhan Bank tests stablecoin remittances on the Hedera"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1689713094282-6ea5ad16-0a27-4aee-a69d-e627de45e34d-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1689713094282-6ea5ad16-0a27-4aee-a69d-e627de45e34d-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1689713094282-6ea5ad16-0a27-4aee-a69d-e627de45e34d-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1689713094282-6ea5ad16-0a27-4aee-a69d-e627de45e34d-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Shinhan Bank and Siam Commercial Bank\u2019s SCB TechX recorded real-time, low-cost remittances.<\/li>\n<li dir=\"ltr\">The pilot on the Hedera network involved cross-border stablecoin payments using South Korean won (KRW), the Thai Baht (THB), and the New Taiwan dollar (NTD).<\/li>\n<\/ul>\n<p dir=\"ltr\">Shinhan Bank and Siam Commercial Bank\u2019s SCB TechX have reportedly completed a proof-of-concept (PoC) pilot for stablecoin remittances on the <a href=\"https:\/\/coinjournal.net\/hedera\/\">Hedera network<\/a>.<\/p>\n<p dir=\"ltr\">This was the second PoC test on Hedera\u2019s distributed ledger network after the initial program launched in 2021 and which involved Standard Bank. In this latest pilot, the company sought to check on the efficiency, cost and settlement speed of cross-border payments.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ In a continuation of their work on <a href=\"https:\/\/twitter.com\/hashtag\/DLT?src=hash&amp;ref_src=twsrc%5Etfw\">#DLT<\/a>-enabled cross-border remittances, <a href=\"https:\/\/twitter.com\/ShinhanBankENG?ref_src=twsrc%5Etfw\">@ShinhanBankENG<\/a> \u2013 in collaboration with SCB TechX &amp; other financial institutions \u2013 has today announced the successful completion of a <a href=\"https:\/\/twitter.com\/hashtag\/stablecoin?src=hash&amp;ref_src=twsrc%5Etfw\">#stablecoin<\/a> remittances PoC pilot on <a href=\"https:\/\/twitter.com\/hashtag\/Hedera?src=hash&amp;ref_src=twsrc%5Etfw\">#Hedera<\/a>.<a href=\"https:\/\/t.co\/OUAxOfU2U4\">https:\/\/t.co\/OUAxOfU2U4<\/a><\/p>\n<p>\u2014 Hedera (@hedera) <a href=\"https:\/\/twitter.com\/hedera\/status\/1681169052423667713?ref_src=twsrc%5Etfw\">July 18, 2023<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">According to details shared in a <a href=\"https:\/\/hedera.com\/blog\/shinhan-bank-scb-techx-successfully-pilot-stablecoin-remittances-on-the-hedera-network\"><u>press release<\/u><\/a>, the banks achieved real-time foreign exchange settlement across three currencies \u2013 the South Korean won (KRW), the Thai Baht (THB), and the New Taiwan dollar (NTD).<\/p>\n<p dir=\"ltr\">\u00a0Shinhan Bank\u2019s Chief of Blockchain division Byunghee Kim said in a statement:<\/p>\n<p dir=\"ltr\">\u201c<em>The successful completion of this second PoC marks an important step forward in our efforts to make cross-border payments faster, cheaper, and more accessible to people around the world\u2026 With this next phase of PoC, we are pleased to have demonstrated how the use of Hedera\u2019s EVM-compatible technology helps eliminate intermediaries, reduce costs, and speed up the remittance process<\/em>.\u201d<\/p>\n<p dir=\"ltr\">EVM-compatibility for the PoC means the system will be open to any EVM-based stablecoin issuers, with this likely to also see more banks and other financial institutions tap into its potential as the cross-border payments ecosystem expands.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/shinhan-bank-scb-techx-pilot-cross-border-stablecoin-payments-on-the-hedera\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Shinhan Bank and Siam Commercial Bank\u2019s SCB TechX recorded real-time, low-cost remittances. The pilot on the Hedera network involved cross-border stablecoin payments using South Korean won (KRW), the Thai Baht (THB), and the New Taiwan dollar (NTD). Shinhan Bank and Siam Commercial Bank\u2019s [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":22376,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22375"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22375"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22375\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22376"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}