Shinhan Bank, SCB TechX successfully complete stablecoin remittance pilot

The proof of concept was built on the Hedera network.

South Korea’s Shinhan Bank, and Siam Commercial Bank’s technology innovation unit SCB TechX and an unnamed Taiwanese financial institution have successfully committed a stablecoin remittance proof-of-concept pilot.

The PoC was built on the Hedera open-source public network, which touts itself as a sustainable public ledger.

In a press release, Shinhan Bank and SCB TechX shared that the pilot achieved real-time settlement and real-time foreign exchange (FX) rate integration across the Thai Baht (THB), New Taiwan dollar (NTD), and South Korean won (KRW) in a test environment. 

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This PoC is a continuation of Shinhan Bank's previous work that started in 2021, when they partnered with Standard Bank on stablecoin international remittances. The second pilot's success marks a significant milestone in the quest for efficient, low-cost, cross-border payments, according to Shinhan Bank.

"We are pleased to have partnered with Hedera to explore the potential of stablecoins as a means of facilitating cross-border remittances," said Byunghee Kim, chief of the blockchain division at Shinhan Bank. "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."