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Shinhan Bank Unveils

The oldest and second biggest banking institution, Shinhan Bank, headquartered in Seoul, South Korea, has adopted blockchain authentication technology for non-face-to-face loans in order to accelerate the loan approval process. The institution, owned by Shinhan Financial Group, announced that it has launched an effective system which validates the documents needed for non-facing loan business in the country by applying blockchain and distributed ledger technology.

The system aims at increasing cost and time efficiencies taking place during the lending exercise, so as to enable the customers to apply for any amount of loan they want via online and achieve their financial credits minus face-to-face (physical) interaction. And this is the first ever blockchain-powered project in Korea, used to manage financial loans.

The country recently revisited its digital currency and initial coin offerings (ICOs) policies, after getting alerts from the financial watchdogs that companies are circumventing ICO ban by taking their business outside Korea.