South Korea’s oldest bank, Shinhan Bank, partnered with two other companies to develop a blockchain-based security solution. Korea’s Shinhan bank to enhance security with blockchain According to a report published on Aug. 14 by local news outlet The Korea Times, Shinhan Bank signed a memorandum of understanding with financial technology startup Ground X and blockchain developer Hexlant to develop a blockchain security system. Per the report, the deal will see the institution’s partners jointly develop a Private Key Management System for its banking services. Ground X is the blockchain unit of South Korean messaging giant Kakao, and is reportedly expected …
Kuala Lumpur-based Bursa Malaysia, the country’s stock exchange, is working on a blockchain-enabled security borrowing and lending proof-of-concept (PoC). English-language local media Bernama reported on the developments on May 6. Per the report, the initiative aims to develop greater transparency and address other challenges of borrowing and lending securities in Malaysia. More precisely, the exchange’s CEO, Datuk Muhamad Umar Swift, reportedly said that the PoC should increase the efficiency, speed and capacity of the aforementioned services, which should consequently bring greater demand. Swift claims that the benefits of the PoC will not be limited to the customers of Bursa Malaysia: …
Private bank Kleinwort Hambros launched an exchange-traded note (ETN) made up of blockchain-related companies, financial news outlet Finextra reported on April 8. Kleinwort Hambros is owned by Societe Generale, acting as their private wealth management division in the United Kingdom. Societe Generale itself is a multinational investment bank headquartered in Paris, with total assets of around 1.3 trillion euros ($1.4 trillion) in 2018. Per the report, the new derivative is available for a minimum investment of £1,000 (equivalent to about $1,300) and has been listed in Luxemburg. The stocks reportedly include 20 companies which are expected to profit from blockchain …
Digital asset lender DrawBridge Lending (DBL) announced that it received funding from cryptocurrency commercial bank Galaxy Digital. A fiat-crypto lending and investing service DrawBridge announced in a press release published on Aug. 8 that it received funding from Galaxy Digital, further strengthen DBL’s fiat-crypto lending and investing capabilities. Furthermore, the two firms reportedly plan to jointly develop a co-branded special-purpose loan funding vehicle to provide structured financing against institutionally held crypto assets. Michael Novogratz, CEO and founder of Galaxy Digital, commented on the development: “The institutionalization of digital assets is still relatively nascent despite increasing momentum and interest from a …
In recent weeks, major South Korean financial institutions have rolled out a number of services incorporating blockchain technology, especially in the areas of Know Your Customer (KYC) procedures and security. Fintech has become a buzzword for local banks trying to keep up with the change of the times. The banks, however, are not looking into an important part of blockchain, which is digital assets, says one influential Korean advocate of alternative currency. In order to assess the Korean blockchain space, it is important to understand how the trend affects existing players and the cryptocurrency market. Blockchain as a ledger Shinhan …