Korea’s Shinhan Bank Joins Klaytn’s Blockchain Governance Council
One of the largest banks in South-East Asia, the Shinhan Bank becomes the first traditional financial institution in Korea to join Klaytn’s Governance Council.
More about Shinhan Bank
Shinhan Bank Co. Ltd. is a bank with its headquarters in Seoul, South Korea. Historically Shinhan Bank was the first bank in Korea, first established under the name of Hanseong Bank in 1897.
Nowadays, Shinhan Bank has evolved and expanded to the point of becoming the largest private financial institution in Korea. The numbers speak for themselves, showing a total asset number of 176.9 trillion KRW, capital equity of 9.7 trillion KRW, over 10,741 employees, and 1,026 branches throughout the world. As of 2017, the Shinhan Bank had registered a total asset value of $269.507 billion US dollars, a total number in deposits amounting to $199.28 billion US dollars and loans of US $191.329 billion dollars respectively. Furthermore, Shinhan Bank is the main subsidiary of Shinhan Financial Group.
Shinhan Bank, a global financial leader in digital innovation, has built various blockchain-based financial services including government policy loans, retirement pensions, and derivative settlements since 2017. In addition to participating in the co-governance of the Klaytn blockchain, Shinhan will develop various Klaytn-based digital services that can help foster the fintech ecosystem.
Why is this important?
By being part of Klaytn’s Governance Council, Shinhan Bank can play an active role in the decision-making process that takes place within the organization. Shinhan Bank is the first bank to join Klaytn’s endeavor as an important decision-making party. This event brings several benefits to both our beloved community, as well as to the project itself.
By having forged such strong partnerships, Klaytn is once again bringing reassurance of its strong commitment to building a project with a long-term vision, which brings not only the promise of seamless integration of the blockchain technology into our daily activities but also the strong fundamentals that are there to innovate and deliver to this promise. Also, by having Shinhan Bank by our side, we can once again reassure our users of our complete compliance with the regulations. This also eliminates the risk of noncompliance with the Central Bank. The transparency within our mode of operating offers an additional layer of trust for those users who are still reluctant to use our products.
All being said, we are highly optimistic over the prospects of Klaytn, in its journey to mass adoption, due to its broad use case and its impressive adoption among the Korean public. Klaytn is the backbone infrastructure for enterprises willing to leverage the benefits of the crypto space, thus making KLAY adoption possible worldwide.
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