Shinhan Bank of South Korea Introduces Cryptocurrency Services on Its Mobile Banking Application

The prominent South Korean commercial banking institution Shinhan Bank has introduced a variety of cryptocurrency services on its SOL smartphone application.

The South Korean news outlet Field News reported that Shinhan’s offerings will feature real-time price tracking tools for various cryptoassets. Additionally, they will provide introductory guides aimed at novice crypto investors.

Shinhan Bank: Introduction of Crypto Services

Although the new features will not yet enable Shinhan customers to directly buy or sell cryptocurrencies through the SOL app, this initiative marks a notable positive advancement for the financial giant.

Shinhan Financial Group share prices over the past three months. (Source: Naver Finance)

No other local bank has launched a comparable service to date, although some are believed to be developing crypto-related initiatives.

At present, only five domestic cryptocurrency exchanges have secured the necessary licenses to provide KRW-crypto pairings.

Banks are currently prohibited from offering cryptocurrency exchange services. However, some institutions, including Shinhan, have previously investigated the potential for launching crypto custody services.

The new SOL crypto features encompass a real-time cryptocurrency price tracking tool, introductory guides and quizzes for novice investors, along with a professional crypto-related news and reporting service.

SOL Bank serves as Shinhan’s smart banking, financial services, and investment platform. The bank introduced the app in 2018 when it phased out several standalone applications and announced SOL as its new integrated platform.

Inside a branch of Shinhan Bank in Seoul, South Korea. (Source: Choi Gwang-mo [CC BY-SA 4.0])

Enhancing Customer Protection Is Essential – Shinhan

The bank stated that its new resources would enhance financial consumer protection and assist customers in better comprehending how cryptoassets function.

Shinhan expressed its intention to support customers in making informed investment decisions. It aims to provide accessible materials for those unfamiliar with the cryptocurrency landscape while also “protecting consumers.”

However, the bank has already signaled its readiness to advance further in the near future by integrating certain functionalities with its crypto exchange partner Korbit.

These enhancements will ultimately enable customers to buy and sell coins on Korbit through the SOL app. Traders will also have the ability to view their crypto wallet balances from the SOL platform.

Progress in Stablecoins

The news outlet noted that Shinhan Bank established a dedicated digital asset taskforce at the start of this year.

This taskforce is responsible for developing and launching a variety of asset-related businesses. So far, it has initiated stablecoin-based overseas remittance pilot programs.

It has also been engaged in a token-powered, cross-border payment settlement initiative. Furthermore, Shinhan has joined the South Korean stablecoin movement by filing a trademark application for a won-pegged stablecoin under the KRWSH brand.

In May, Korbit announced that it had commenced promoting corporate transaction services in collaboration with Shinhan Bank.

While South Korean corporations are still not permitted to utilize their balance sheets for cryptocurrency purchases, this is expected to change later this year.

The Financial Services Commission has revealed a roadmap that will eventually permit larger South Korean companies to invest in Bitcoin (BTC) and other tokens.

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