One of Southeast Asia's largest banks, Shinhan Bank has joined the management board of blockchain platform Klaytn.
One of the most important characteristics of Klaytn is that it is an open-source public blockchain. Klaytn is designed for enterprise-level scalability and performance.
The importance of this partnership agreement is that Shinhan Bank will be able to play an active role in the decision-making process within Klaytn.
For example, in addition to participating in the co-management of the Klaytn blockchain, Shinhan Bank will develop various digital services based on the Klaytn blockchain that will help develop the ecosystem in financial technology.
Shinhan Bank is the first institution of its kind to be part of #Klaytn’s Governance Council. With such members within our decision-making structure, we are making sure that Klaytn is trustworthy and in full compliance with regulations.https://t.co/Bdiyl59GFx— Klaytn (@klaytn_official) July 5, 2021
In fact, Shinhan Bank has supported Klaytn's efforts as an important decision-maker. This Korean bank is a global financial leader in digital innovation.
Since 2017, Shinhan Bank has established various blockchain-based financial services, including government loans, pension payments and derivative settlements.
Note that Shinhan Bank claims to be the largest private financial institution in South Korea and is the main subsidiary of Shinhan Financial Group.
The bank has total assets of 176.9 trillion won. The equity capital is 9.7 trillion won. The bank has more than 10,741 employees and 1,026 branches around the world.
In addition, Klaytn said that they exclude the risk of non-compliance with the requirements of the Central Bank of the country. They assured that the transparency in their mode of operation will offer an additional level of trust to all users.
Klaytn says it is very optimistic about the prospects for this collaboration towards mass adoption of this blockchain platform and predicts further global expansion.