Shinhan Bank, South Korea’s second largest bank in terms of total assets, announced on Wednesday that it signed a deal with telecom company KT to jointly build a blockchain-based solution, according to The Korea Times. The new platform aims to benefit from the regional governments’ recently announced intentions to launch digital vouchers. The vouchers can replace cash in certain areas, and local governments stated earlier in 2018 that they would introduce digital vouchers to revive local economies across South Korea.
According to the agreement, KT should develop a blockchain platform and network system while Shinhan Bank is responsible for building the relevant financial solutions like payment and account systems to be integrated with the platform.
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