Shinhan Financial

3 months agoNews Editor

Shinhan Financial and Visa sign MOU to test stablecoin issuance and B2B settlements in South Korea

Shinhan Financial Group has signed a strategic memorandum of understanding with Visa to test stablecoin-based payment functions in South Korea, according to a report by The Block on Aug. 26. The planned work covers issuance, transfers, and redemptions, and will use Visa’s stablecoin platform to verify how those processes operate in practice. The agreement was signed at Shinhan Financial’s headquarters in Seoul. Beyond testing core stablecoin flows, the two companies also plan to design a business model tailored to South Korea’s domestic financial environment. The cooperation extends to integrating stablecoins into credit card payment settlements, exploring AI-based future payment models, and expanding both B2B and B2C payment services. Key details have not been disclosed. The report said the parties have not revealed which stablecoin will be used, how large the pilot will be, or when testing will begin. The move comes as South Korea broadens its digital asset push. The Ministry of Economy and Finance is planning to introduce a tokenization system in Sejong City in the fourth quarter of 2026, pointing to a wider effort by both public and private sector players to bring digital assets into the existing financial system.

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South Korea finance

4 months agoNews Editor

South Korea’s five major financial groups post KRW 13.12 trillion in first-half net profit

South Korea’s five largest financial groups posted a combined net profit of KRW 13.12 trillion in the first half of 2026, up about 10% from a year earlier, as active trading in the country’s stock market lifted results. The groups named in the report were KB Financial, Shinhan Financial, Hana Financial, Woori Financial and NH Nonghyup Financial. KB Financial remained the top earner with KRW 3.88 trillion in net profit, followed by Shinhan Financial at KRW 3.44 trillion. According to the report, brokerage units were the biggest growth driver across the sector. NH Investment & Securities, KB Securities and Shinhan Investment posted first-half net profit growth of 107.5%, 135.0% and 123.1%, respectively, helping raise the contribution of non-banking businesses to overall group earnings. At the same time, several insurance subsidiaries faced pressure as loss ratios rose and insurance actuarial assumptions were adjusted. The major financial groups also said they would continue share buyback and cancellation plans in the second half of the year to improve shareholder returns. The report was cited by Asiae.

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