Shinhan DS (President Lee Sung-yong) signed an agreement on the joint development of a blockchain digital asset management platform and the discovery of new business models with Hancom group on Wednesday.
The agreement was pushed to boost the group’s blockchain business and secure capacity to proactively respond to market changes as part of Shinhan Financial Group’s acceleration of digital transformation.
Based on know-how accumulated through the establishment and operation of the blockchain business within the group, Shinhan DS will jointly develop a hybrid-type blockchain platform that combines hyper ledger fabric with private Etherium with Hancom group.
With a modular structure, the platform will be flexibly applicable to various forms of digital asset services, and will be efficiently applicable to complex financial sector regulations and business processes with digital asset modeling technology.
The two companies will complete the development of digital asset management platforms by the first half of the year, continue to supplement them through analysis of market conditions and pilot application, and will also find new business models in new fields in the future.
“Starting with the development of the blockchain digital asset management platform, the company plans to prepare and push for various strategies to strengthen Shinhan Financial Group’s digital transformation”, a ShinhanDS official said.