SBI VC Trade Partners with South Korean Card Giant Shinhan Card to Explore Yen Stablecoin Payments in Stores

Key Points of This Article

• SBI VC Trade and Shinhan Card reach a basic agreement
• SBI VC Trade and two other companies expand collaboration for international payments

Payment Collaboration with Major South Korean Company

On the 21st, SBI Group's cryptocurrency exchange SBI VC Trade and its joint venture SBI XDC Network APAC announced that they have signed a basic agreement with Shinhan Card, one of South Korea's largest card companies, to build a blockchain-based global payment ecosystem. The three companies will explore the potential for integrating digital assets, such as yen-denominated stablecoins, with in-store payment services.

According to the companies, this basic agreement aims to establish a blockchain-based payment ecosystem that connects digital assets with traditional financial and payment infrastructure. Shinhan Card is part of the Shinhan Financial Group, one of the four major financial groups in South Korea, with a cardholder base of approximately 20 million.

To achieve this goal, the three companies will gradually promote collaboration across all areas of payment and blockchain infrastructure. Among them, SBI XDC Network APAC and Shinhan Card will cooperate in the development of the infrastructure and ecosystem of the blockchain "XDC Network" intended for trade finance and corporate applications, and will jointly explore the applicability of payment services utilizing digital assets and next-generation payment models.

In particular, in the integration of digital assets, including yen-denominated stablecoins, with in-store payment services, they plan to examine the feasibility of new digital payment services and business models through proof-of-concept experiments related to user experience, transaction processes, and technical and operational structures.

Expansion into International Payments

In the field of international payments, the three companies, including SBI VC Trade, plan to explore methods for cross-border payments utilizing stablecoins and integrating with existing financial and payment infrastructure. They also indicated plans to expand their cooperation into the international payment sector, including the settlement of cross-border trade payments, thereby broadening the cooperation framework in the digital finance sector between Japan and South Korea.

Furthermore, with the aim of constructing a more efficient cross-border payment model, they will examine the potential for integration between existing international remittance methods and digital asset infrastructure. Specific initiatives are expected to be announced sequentially in the future.

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