Shinhan Bank taps StoneX to cut cross-border payment costs

It will gain access to a network of 385 banks.

South Korea’s Shinhan Bank has partnered with StoneX Payments, a division of the Nasdaq-listed StoneX Group Inc., to expand the lender's cross-border payment and foreign exchange capabilities.

Under the agreement, Shinhan Bank will integrate StoneX Payments’ infrastructure into its existing banking environment. 

The system gives the bank access to a proprietary platform and a network of more than 385 banks, covering over 140 currencies across 180 countries and territories.

Shinhan Bank currently serves approximately 29 million customers, with operations in retail, corporate, and institutional banking. 

The partnership aims to streamline international transactions for the bank’s corporate clients, global traders, and non-profit organisations, particularly when accessing lower-volume currency corridors in Latin America, the Middle East, and Africa.

Unlike consumer-focused remittance services, the institutional-grade platform provides direct local-currency settlement, last-mile delivery in emerging markets, and real-time transaction tracking. 

This setup reduces the reliance on multiple intermediary banks, lowering transaction costs and shortening settlement times.

The agreement takes effect immediately. Full integration will occur in phases, with Shinhan Bank clients gaining access to the platform's expanded currency offerings over the coming months.