SBI and Shinhan Card Partner on Blockchain Payments

SBI $XDC Network APAC, a blockchain infrastructure company, and SBI VC Trade, a crypto asset exchange, have signed a memorandum of understanding with Shinhan Card, a South Korean credit card company. The three companies plan to develop a blockchain-based system for global payments and settlements that connects digital assets with traditional financial infrastructure.

Under the agreement, SBI $XDC Network APAC and Shinhan Card will work to expand the $XDC Network ecosystem and explore new digital-asset-based payment services. All three companies will also study the use of stablecoins for cross-border payments and ways to connect these solutions with existing financial systems.

One area of focus will be the potential use of digital assets, including yen-denominated stablecoins, for in-store payments. The companies plan to test how these services could work, including the user experience, transaction processes, and technical requirements.

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