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2021-04-14

South Korea's largest bank expands and accelerates processes

Shinhan Bank, South Korea's largest financial institution by total assets, has joined the board overseeing the Hedera network.

In the April 14 announcement , Shinhan announced it had become the newest member of Hedera's Governing Council to expand its efforts in "digital transformation." Hedera is touting its hashgraph as an enterprise-class blockchain platform capable of processing thousands of transactions per second .

"In particular, Hedera's public distributed ledger is uniquely suited to the needs of a widely used fintech service that must be fast, fair, secure and enable the control and visibility required by service providers."

The bank will now begin integrating Hedera into its systems to "increase the efficiency of its internal processes."

Shinhan, which in August 2020. was the 61st largest bank in the world with assets of $478.5 billion , is no stranger to distributed ledger technology, having built a variety of services on Hyperledger Fabric since 2017, including policy loans, interest rate swaps and pension fund arrangements.