#Shinhan #Bank, one of the largest banks in #South #Korea, joined the #Hedera #network. The bank became a member of the Hedera Management Council, which oversees the network's distributed management system.
With the infrastructure support it receives from the Hedera network, the bank aims to reduce its internal working processes and increase efficiency significantly. Since 2017, on the Hyperledger Fabric blockchain; Offering services such as insurance policies, pension funds and interest rate swap agreements, Shinhan decided to work on Hedera DLT with the goal of working much faster and offering more options in banking services, as fintech companies are now using distributed ledger technology (DLT).
Shinhan Bank is also seen as the country's leading bank in leveraging distributed ledger technology (DLT) to support financial innovation. Earlier this year, the bank invested in the Korea Digital Asset Custody (KDAC) consortium, which provides digital money custody services.
In the statement made by Shinhan Bank officials, it was stated that customers are more interested in the opportunities brought by digital transformation, and the following statements were used:
“Our customers and partners have much faster and safer financial systems thanks to digital transformation. Especially Hedera's open and distributed ledger technology is preferred by many companies because it is widely used, fast and secure, and provides the control and visibility service providers need. We joined the Hedera Management Council to produce solutions to support the new financial system and to work with global companies in this sense.