South Korea’s first bank Shinhan Bank has signed a Memorandum of Understanding (MOU) with fintech firm Ground X and blockchain developer Hexlant “to jointly develop blockchain security technology,” The Korea Times reports. As it states, the bank wants to develop the Private Key Management System for its banking system. It is expected that the test version of a joint product will be launched by October. A Shinhan Bank official claims the 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,” he added.
Earlier the bank announced the launch of its blockchain-based verification system that can replace the verification process of certification documents required in Korea. Last year, the financial institution also entered into a deal with telecommunications enterprise KT to revitalize local economies in the regions of South Korea.