Shinhan Bank, one of South Korea’s largest commercial banking institutions, has made a bold move by launching a range of crypto services on its SOL smartphone app. This development was reported by the South Korean media outlet Field News, which highlighted that Shinhan’s new services will include real-time price monitoring tools for various cryptoassets and introductory guides tailored for first-time crypto investors.
While the SOL app will not yet enable Shinhan customers to directly buy or sell cryptocurrencies, this step marks a significant milestone for the financial giant. No other domestic bank in South Korea has introduced a similar service, although some are believed to be working on crypto-related projects. Currently, only five domestic crypto exchanges have obtained the necessary permits to offer KRW-crypto pairings, as banks are not yet permitted to provide crypto exchange services.
The newly launched SOL crypto resources on Shinhan’s smart banking platform include a real-time crypto price monitoring tool, beginner-friendly guides and quizzes for novice investors, as well as a professional crypto-related reporting and news service. The SOL app was introduced by Shinhan in 2018 as a unified platform for banking, financial services, and investment, consolidating several standalone apps into a single solution.
In a bid to enhance customer protection and promote financial literacy around cryptoassets, Shinhan stated that its new resources aim to provide information-based investment opportunities and protect consumers. The bank expressed its commitment to offering easy-to-understand materials for customers unfamiliar with the crypto space. Furthermore, Shinhan hinted at future integration with its crypto exchange partner Korbit, enabling customers to eventually buy and sell coins on Korbit via the SOL app and check their crypto wallet balances directly from the platform.
Additionally, Shinhan Bank established a dedicated digital asset taskforce earlier this year, tasked with developing and launching various asset-related businesses. The taskforce has initiated stablecoin-based overseas remittance pilots and a token-powered cross-border payment settlement project. As part of South Korea’s stablecoin trend, Shinhan filed a trademark application for the KRWSH brand, indicating its foray into stablecoin offerings. Collaboratively, Korbit and Shinhan Bank have begun promoting corporate transaction services, with plans to allow larger South Korean companies to invest in Bitcoin and other tokens later this year, as per the Financial Services Commission’s roadmap.
In summary, Shinhan Bank’s introduction of crypto services on its banking app signifies a progressive step towards embracing digital assets and providing customers with valuable resources to navigate the crypto landscape. The integration of crypto services within the SOL app reflects Shinhan’s commitment to innovation and customer-centric financial solutions in the evolving digital economy.