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Shinhan Financial Group signed a strategic agreement with Visa to develop stablecoin, AI and B2B payment initiatives in South Korea. The partners will prioritize stablecoin-based financial infrastructure, with Shinhan using Visa’s platform to verify issuance, remittance and redemption and design a Korea-specific business model. Shinhan reported net income of 1.82 trillion won ($1.3 billion) last quarter, putting a major Korean financial group behind the effort.
Why it matters
That scale gives the project a direct route into bank and card payment channels. Shinhan plans to combine Shinhan Bank, Shinhan Card and Jeju Bank with Visa’s global payment network and digital technology. Pilots will cover card-payment settlement, AI-based payment models, and the expansion of B2B and B2C payment businesses.
Jin Ok-dong, Shinhan’s CEO, said the companies would combine Shinhan’s financial capabilities with Visa’s global infrastructure to design new future finance models. The Korea-specific model puts issuance, remittance and redemption at the center of the partnership.
Market impact
Shinhan’s Solana work gives the strategy a practical testing path. Shinhan Card announced a stablecoin payment trial with the Solana Foundation in April, while the group’s asset-management arm joined the Solana Foundation, Etherfuse and Orca to test issuance and distribution of a Korean won-denominated tokenized fund.
The institutional push arrives as South Korea works on the Digital Asset Basic Act, covering stablecoins, VASP licensing and crypto ETFs. The key market watch is whether these pilots move into live products, connecting stablecoins to bank, card and global payment rails.
Frequently asked questions
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What will Shinhan use Visa’s stablecoin platform to verify?
Shinhan plans to use Visa’s platform to verify stablecoin issuance, remittance and redemption while designing a Korea-specific business model.
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Which payment pilots are covered by the Shinhan-Visa agreement?
The planned pilots cover card-payment settlement, AI-based payment models, and the expansion of B2B and B2C payment businesses.
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Which Shinhan subsidiaries will support the stablecoin effort?
Shinhan plans to combine Shinhan Bank, Shinhan Card and Jeju Bank with Visa’s global payment network and digital technology.
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What Solana projects are part of Shinhan’s related testing?
Shinhan Card is working with the Solana Foundation on stablecoin payment trials. The asset-management arm is working with the Solana Foundation, Etherfuse and Orca on a Korean won-denominated tokenized fund.
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How does South Korea’s Digital Asset Basic Act relate to the plan?
The proposed act would cover stablecoins, VASP licensing and crypto ETFs, setting the wider regulatory context for the initiatives.
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