On the 21st, SBI VC Trade and SBI XDC Network APAC announced the signing of a Memorandum of Understanding (MOU) with Shinhan Card, a leading South Korean credit card company, to jointly explore digital payment solutions utilizing the blockchain 'XDC Network'.
In this partnership, the three companies will collaborate to advance the infrastructure and ecosystem of XDC Network, an enterprise-grade Layer 1 blockchain. They plan to explore the use of Web3.0 technologies and infrastructure, focusing on cross-border payments using stablecoins and integration methods with existing financial and payment infrastructures.
Shinhan Card, a subsidiary of South Korea's major financial group Shinhan Financial Group, holds a significant market share in the domestic payment market. In recent years, the company has actively engaged in projects utilizing Web3.0 and blockchain technologies, promoting the integration of on-chain technologies into its services.
The XDC Network is an EVM-compatible hybrid blockchain specialized in enhancing the efficiency of international trade and financial settlements. It features high processing speed, low gas fees, and robust security, and is globally deployed in areas such as trade finance and the tokenization of real-world assets (RWA).
The SBI Group established SBI XDC Network APAC as a joint venture with TradeFinex Tech Ltd. to promote the adoption and development of the XDC Network in Japan. Through its domestic cryptocurrency exchange, SBI VC Trade, it has supported the ecosystem's expansion by offering services such as handling and staking of the native token, XDC.
Earlier this month, on the 2nd, the SBI Group also signed an MOU with its subsidiary SBI Digital Trust, South Korean payment provider NICE Information & Communication, and blockchain infrastructure company DSRV to jointly explore the commercialization of remittance and payment using stablecoins between Japan and South Korea. Additionally, last month, the SBI Group and South Korea's leading life insurance company, Kyobo Life Insurance, conducted a demonstration of transferring institutional funds from Japan to South Korea without using the US dollar. These developments indicate a rapid strengthening of collaboration between the SBI Group and South Korean companies.
In recent years, interest and demand for cross-border remittance and payment using stablecoins have been growing in both Japan and South Korea. The partnership between the SBI Group and Shinhan Card could accelerate the construction and practical application of a Web3.0 payment infrastructure using stablecoins denominated in the legal currencies of both countries.
Reference: Announcement
Image: Courtesy of the announcement
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