Korea’s Shinhan Bank Inks MoU With FinTech Firms For Blockchain-Based Security System August 14, 2019 August 14, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 14, 2019 by Kelly Cromley

Korea’s Shinhan Bank Inks MoU With FinTech Firms For Blockchain-Based Security System

Shinhan Bank, South Korea’s oldest, has collaborated with two more firms to build a blockchain-powered security system. The Korea Times has reported that Shinhan Bank has inked a memorandum of understanding (MoU) with Ground X, a fintech startup firm, and Hexlant, a blockchain development firm, to build a security system based on blockchain technology.

Under the agreement, the bank’s technology partners will work together to create a Private Key Management System for the facilities offered by the bank. Ground X is the blockchain division of South Korean messaging firm Kakao and is anticipated to offer a blockchain powered platform. Hexlant builds the framework that will incorporate an anti-hacking protection for the platform.

The initial trials of the intended systems are anticipated to happen in October. Regarding the development, Shinhan Bank official stated as follows:

“Blockchain technology has gained attention from the financial sector for its advantages, but financial firms have experienced difficulties in applying the technology to their system. […] Shinhan Bank will provide a convenient user-friendly interface under the deal with Ground X and Haxlant.”

Shinhan Bank is also building a distributed ledger technology-powered stock lending platform after inking an agreement with financial services firm Directional.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.