Shinhan Bank Introduced ‘Metaverse’ Services- Reports 

• Korea Federation of Banks (KFB) sought a licence from the new pro-crypto administration in order to provide digital assets.
• Shinhan Bank is one of the biggest banks in South Korea.  

Shinhan Bank is among the top financial giants and was established in 1897 and is headquartered in Seoul, South Korea.According to the Seoul local media outlet, Shinhan Bank is the country’s first to offer metaverse services.  

Reports state that the President of Shinhan Bank, Jin Ok-dong, announced on November 30, 2022, that the bank is going to hold an open event to celebrate the launch of ‘Shinamon,’ it is the first self-developed metaverse space in the financial sector by the bank.

Basically, Shinamon is a virtual space created by expanding and connecting the financial areas. It is a metaverse platform that provides users with new and fund experiences and intuitive services. It also features a finance zone, a Health zone, an art zone, a sports zone and a store.      

The bank is planning to hold three events until February 10 for users accessing the Shinamon Web page.   

In the upcoming event, the bank will give prizes and many other valuable things to the users participating in the event. The ranking will be from 1 to 100, depending on the levels.  

In an interview with a local media outlet, an official at Shinhan bank noted that “In recognition of Cinnamon’s innovativeness, we plan to participate in the fintech sector exhibition from ‘CES 2023,’ the world’s largest digital exhibition, in January next year by being assigned a stand-alone booth for the first time as a domestic bank.”  

On April 11, 2022, TheCoinRepublic reported that the first case was to be recorded following the passage of the Reporting and Use of Certain Financial Transaction Information Act.  

Businesses with a Shinhan corporate account can invest in cryptocurrency through partnered exchange Korbit. According to South Korean law, only verified and regulated partnered crypto exchanges can provide cash-to-crypto services.

On September 9, 2022, reported that The monetary Administration Commission(FSC) of South Korea likewise stepped in. It cautioned policing around 16 unfamiliar digital currency trades infringement of the particular Monetary Data Act.    

The bank has built many blockchain-based financial services like government policy loans, retirement pensions, and derivative settlements since 2017.

Shinhan signed a three-way deal in 2019 with Ground X and Blockchain developer Hexlant. They partnered to build out the bank’s private key management system for use within its system.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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