Shinhan Financial Group teams up with Visa to expand stablecoin and AI future finance businesses

[Financial News] Shinhan Financial Group is joining forces with Visa to expand its business into stablecoins and artificial intelligence (AI).
According to the financial sector on the 26th, Shinhan Financial signed a strategic memorandum of understanding with Visa Group on the 24th at Shinhan Financial Group headquarters in Jung District, Seoul, to promote future financial businesses based on digital assets and AI, including payments and B2B services.
The agreement was designed to build on the strategic cooperation direction in future finance discussed by the two companies' top executives in April.
The two companies plan to first cooperate on building financial infrastructure for stablecoin use. Shinhan Financial will use Visa's stablecoin platform to verify core functions such as issuance, remittance and redemption, while jointly designing a Korea-tailored business model suited to the domestic financial environment.
They will also work together on pilot projects centered on the use of stablecoins in financial services such as card payment settlement, the development of AI-based future payment models, and the expansion of payment businesses for business-to-business (B2B) and business-to-consumer (B2C) transactions.
Going forward, Shinhan Financial plans to combine the financial capabilities of its major subsidiaries, including its bank, card unit and Jeju Bank, with Visa's global payment network and digital technologies to jointly respond to changes in the digital financial environment. Through this, it aims to lead the future financial ecosystem at home and abroad.
Jin Ok-dong, chairman of Shinhan Financial, said, "Through this agreement, we have expanded our long-standing partnership with Visa into the broader digital finance sector." He added, "We will continue to combine Shinhan's financial capabilities with Visa's global infrastructure to design new financial models together and offer customers differentiated financial experiences."

[email protected] Seo Ji-yoon Reporter