Monday, 22 April 2024

Shinhan bullish on Shinamon metaverse platform

5 min read

By Foo Boon Ping

Shinhan Bank, one of South Korea’s oldest banks, has been actively promoting digital transformation and innovation, premiering metaverse initiative Shinamon at CES 2023

Shinhan Bank’s metaverse platform Shinamon, that had its debut recently this year, links directly to the bank’s digital banking platform, and also consolidates financial data from other platform services owned by the bank.

At the Asian Development Bank Annual Meeting in May 2023, the bank also introduced a new global version of its SOL mobile banking app to customers of its subsidiaries in Indonesia and Vietnam—Bank Shinhan Indonesia and Shinhan Bank Vietnam—who can now enjoy faster and more convenient digital banking experiences.

Soohan Lim, head of digital banking strategy, said this is part of the bank’s new enhanced digital services for customers, including the development of innovative financial services and the implementation of advanced security measures.

In addition to metaverse initiatives, Shinhan has partnered with conglomerate LG to develop a pilot platform for a central bank digital currency. The bank has invested in Korea Digital Asset Custody, a digital-asset custody platform.

As a leading digital financial company in South Korea, Shinhan aims to showcase innovative financial services such as digital assets, decentralised finance and Web 3 services, while balancing regulatory compliance without stifling innovation and growth.

Shinhan was the first among Korean financial institutions to secure a booth at CES 2023 where it showcased Metaverse Shinamon to good reviews. CES is a tech event for innovators in groundbreaking technology attended by leading names from every industry.

The bank has won four Korean finance and fintech awards for innovation that married the metaverse with finance. It aims to eventually develop an ecosystem for marketplace banking, collaborating with affiliated companies to connect financial data with services.

Institution: Shinhan Bank, Bank Shinhan Indonesia, Shinhan Bank Vietnam
People: Soohan Lim
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