Shinhan Bank completes pilot of stablecoin payments and settlement for medical expenses

[Financial News] Shinhan Bank has completed a pilot of medical expense payments and settlement using stablecoins. Under this payment method, foreign patients pay for medical expenses in stablecoins, while domestic medical institutions receive payment in won.
According to financial industry sources on the 21st, Shinhan Bank conducted the pilot with KSNET, a domestic payment service provider. It took the form of limited pilot transactions at medical institutions in Seoul using an overseas stablecoin easy-payment service.
The two companies joined forces to address demand for overseas stablecoin payments while verifying whether domestic medical institutions could continue using their existing settlement systems.
Under the process, a foreign patient pays medical expenses in stablecoins, an overseas regulated service provider converts them into fiat currency and remits the funds to Korea, and KSNET settles the payment with the medical institution in won. Shinhan Bank confirmed that financial infrastructure could be connected to enable the domestic receipt of payment proceeds and settlement in won.
A key feature is that the system was designed to accept overseas stablecoin payments without domestic participating institutions or medical institutions directly holding or trading digital assets. As a result, medical institutions can respond to new payment demand without separately managing digital assets, while foreign patients can pay their medical expenses through overseas easy-payment services they already use.
All transaction records, from payment through settlement, are to be recorded electronically. This is expected to make transaction records easier to review and manage and to increase transaction transparency.
Shinhan Bank CEO Jeong Sang-hyeok is focused on incorporating digital asset technologies, including stablecoins, into existing financial infrastructure to make remittances more convenient for corporate clients and on developing services that can be used in actual financial transactions.
A Shinhan Bank representative said, “For new payment methods to be used in actual transactions, the business practices of companies receiving payments must be considered alongside user convenience. Building on the experience from this pilot, we will continue to develop payment and settlement services that corporate clients can use.”
[email protected] Seo Ji-yoon Reporter