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Shinhan Bank Joins Governance Council Overseeing Hedera Network.

The South Korean leading financial institution by total assets, Shinhan Bank, has joined the governance council overseeing the Hedera network.

As per an official announcement today on 14th April, Shinhan revealed that it had become the newest member of the Hedera Governing Council to expand its efforts within the field of “digital transformation.” Hedera touts its hashgraph as an enterprise-grade blockchain platform capable of processing thousands of transactions per second.

Shinhan representatives emphasized growing client demand for improved efficiency and security in financial services, adding:

“Hedera’s public distributed ledger especially is uniquely suited to satisfy the requirements of a widely-used fintech service that has got to be fast, fair, secure, and enable the controls and visibility required by service providers.”

The bank will now start integrating Hedera into its systems to “improving the efficiency of its internal processes.”

Shinhan, which is ranked as the world’s 61st-largest bank with $478.5 Bln in assets as of August last year, is not any stranger to DLT [Distributed Ledger Technology], having built a spread of services on Hyperledger Fabric since 2017, along with policy loan, rate of interest swaps, and pension fund deals.

Earlier in March, Shinhan revealed that it had developed a blockchain-based pilot platform for testing a CBDC [Central Bank Digital Currency], in collaboration with LG Corporation’s IT services wing. The platform seeks to permit native banks to act as intermediaries for a CBDC.

Shinhan also invested within the native cryptocurrency custody consortium, Korea Digital Asset Trust, at the beginning of the year.

The co-founder and CEO Mance Harmon, Hedera Hashgraph, outlined that the “increased interest from financial institutions and governments globally in DLT-based financial services” for payment systems and global settlement services.

“We are thrilled that Shinhan Bank has joined the Hedera Governing Council, and work forward to implement with them to be on the leading edge of the longer term of finance,” Harmon explained.

Hedera has expanded its global reach in recent months, with French utility giant Électricité de France joining its governing council earlier in March, Standard Bank Group becoming its primary African node operator earlier in February, and Australia’s top debit infrastructure provider Eftpos joining the council after completing micropayments trials with Hedera last year.

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