Shinhan Bank, one of the largest banking institutions in South Korea, has entered into a partnership with Klaytn, a global blockchain platform developed by Kakao's subsidiary Ground X. According to the Monday announcement, Shinhan Bank has joined Klaytn’s blockchain governance council and become a member of the co-governance of the Klaytn blockchain. As part of the new partnership, Shinhan will be also involved in the development of Klaytn-based digital services to support fintech innovation. Launched in June 2019, Klaytn is a blockchain service provider focusing on integrating blockchain solutions into enterprise-grade infrastructures. The Klaytn blockchain is a hybrid blockchain network, …
The South Korean government plans to invest over $48.2 billion in Blockchain and other Industry 4.0 technologies by 2025. The nation’s goal is to promote the digitization of all industries in the coming post-pandemic era. According to ZDNet Korea, President Moon Jae-in praised “several benefits” that the new industrial revolution could bring to the country. Moon elaborated: “The fourth industrial revolution and digital civilization are the future of humanity that has already begun. The national development strategy to advance in the trend is the Korean version of the new deal. It is possible to jump from the older economy to …
In Busan, a private-public consortium in South Korea announced their intention to build a blockchain-powered medical tourism platform. No deadline for launch is currently set. According to Gyeongnam Ilbo, the initiative will be led by Busan Bank. They are looking to establish the platform within the second largest city of the country in terms of population. The group’s main goal is to strengthen the medical tourism sector. The consortium includes Pusan National University Hospital, Dong-A University Hospital, Gosin University Gospel Hospital, Samyuk Busan Hospital, and payment brokerage company Knet Co. Ltd. Banking services offered through the platform The agreement states …
South Korea’s regulatory sandbox has helped create almost 380 blockchain and other fintech jobs and generated around $110 million in investments. According to Shina Ilbo, the sandbox is overseen by the government's financial regulator, the Financial Services Commission, or FSC. It temporarily exempts companies from various regulations regarding financial services to aid with innovation and growth. The report said that 16 companies have been recognized for their growth potential, and attracted more than 136.4 billion won ($110 million) in new investments. Some of the companies participating in the government-sponsored program are pursuing business across 14 countries in Asia, including Indonesia, …
South Korea’s Buyeo County, located in the rural province of South Chungcheong, has been witnessing strong interest in a local blockchain-powered stablecoin since its creation in early 2019. According to a report published by Donga, most of the county’s population is made up of elderly residents. Census data indicates that around 75,000 people live there in total. In 2019, the county created a local token named “Goodtrae Pay” at a cost of over $267,000. Launched to increase contactless payments As of press time, around $48.5 million in tokens have been used in an effort to strengthen the adoption of contactless …