Shinhan Financial Becomes First Major Korean Bank Group to Adopt Visa's Stablecoin Infrastructure
Shinhan Financial Becomes First Major Korean Bank Group to Adopt Visa’s Stablecoin Infrastructure #
South Korea’s Shinhan Financial Group has entered a strategic collaboration with Visa to build stablecoin-based financial infrastructure and jointly develop AI-powered payment models.
Under the agreement, announced on August 26, Shinhan will deploy Visa’s enterprise stablecoin platform, launched by the payments giant in July, to test the core mechanics of stablecoin issuance, remittance and redemption. The two companies will then work together to design a Korea-specific commercial model tailored to the domestic financial environment, according to The Block.
The partnership also covers pilot programmes for stablecoin integration into card payment settlements and the development of AI-driven payment models spanning both business-to-business and business-to-consumer channels. Shinhan plans to bring several of its major subsidiaries into the effort, including Shinhan Bank, Shinhan Card and Jeju Bank, combining their capabilities with Visa’s global payment network and digital infrastructure.
“Through this agreement, we have expanded our long-standing partnership with Visa to the broader digital finance sector,” Shinhan Financial Group CEO Jin Ok-dong said in a statement. He added that the group intends to combine Shinhan’s financial capabilities with Visa’s global reach to create differentiated financial experiences for customers.
The deal marks the first formal adoption of Visa’s enterprise stablecoin infrastructure by a top-tier South Korean financial conglomerate. Mastercard’s existing crypto partnerships in South Korea have not yet extended to full stablecoin settlement integration.
Shinhan, one of South Korea’s five largest financial conglomerates with roughly 134 trillion won (approximately $100 billion) in assets under management, has been gradually expanding its blockchain activity. The group has previously explored won-denominated tokenised funds and stablecoin payment trials.
The announcement comes as South Korea advances its Digital Asset Basic Law, a legislative framework intended to regulate stablecoins and virtual asset service providers. Major financial institutions are positioning themselves ahead of expected changes to domestic payment and settlement infrastructure built around blockchain technology.
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