South Korean banks such as Shinhan and Hana are introducing blockchain-based financial services.
Shinhan has already adopted a blockchain-linked smart contract for its interest rate derivative products. It will also take blockchain in other financial services.
From March, Shinhan has been offering education classes on blockchain to its employees. It said it has been testing technical feasibility for introducing other financial services linked to blockchain technology.
Hana is to introduce a blockchain-powered global remittance service. It would also adopt a blockchain-powered platform to help its customers convert Hana coupons and e-money into real cash.
KB Financial Group has already developed a wide variety of blockchain-enabled platforms for its financial services, but it has been testing technical feasibility and approval from the financial regulator.
NH Bank is well ahead of the other banks in its blockchain-powered platform development, but it has yet to commercialize the services.
