Based in South Korea Shinhan Bank, one of the largest financial institutions in the country, has established a FinTech lab to work closely with other IT and financial technology companies in other countries.
Shinhan Bank has reportedly started to remodel its branch building in Myeongdong in order to set up the Fintech R&D laboratory, called Expace. The launch of the laboratory is scheduled for November 2020.
Shinhan Bank has announced that it will sign a memorandum of understanding with tech giant Microsoft, high-potential startups and local telecommunications companies. According to the MoU, the bank will work with the other parties on various fintech-focused projects.
The bank’s fintech project is reportedly led by the institution’s chief executive, Jin Ok-dong, who believes Shinhan Bank should work with other parties to develop and adopt new technologies.
The new Fintech laboratory will allow companies to exchange views so that they can potentially collaborate on various projects with the bank. The lab can also be used for testing new ideas and for business networking.
Shinhan Bank reportedly intends to test or explore 5G compatible virtual banking platforms. These fully digital challengers could use advanced computing-based quantum key solutions (ECM) offered by local telecommunications companies. The bank is also considering getting involved in the Microsoft Garage program in South Korea to encourage employees to work on initiatives they are passionate about.
Microsoft currently offers its Garage program in seven different countries, including the United States, Canada, and the United Kingdom.
Shinhan Bank also announcement its integration of ICONLOOP’s MyID (decentralized identification solution), which will be used directly by its native banking application, SOL – which has been downloaded more than 10 million times.
Decentralized identification solutions are typically developed using blockchain or some type of distributed ledger technology and are increasingly adopted by businesses around the world.