Shinhan Financial Group and Visa have signed an MoU to jointly test stablecoin issuance, remittance, and redemption.
The two companies signed a strategic memorandum of understanding on 24 August 2026 at Shinhan Financial's headquarters in Seoul, covering future financial projects in digital assets, AI-based payments, and B2B transactions.
Under the agreement, Shinhan Financial and Visa plan to first use Visa's stablecoin platform to verify core functions, including issuance, remittance, and redemption. Following this verification stage, the companies intend to jointly design a business model adapted to the South Korean financial environment. The MoU builds on discussions between executives of both companies in April 2026 regarding future financial cooperation.
Beyond the initial testing phase, Shinhan Financial and Visa plan to pursue joint pilots and service development aimed at applying stablecoins to a broader set of financial services. These include credit card payment settlement, the development of an AI-based next-generation payment model, and the expansion of B2B and B2C payment operations.
Shinhan Financial intends to combine the financial capabilities of its main subsidiaries, including its banking and card units and Jeju Bank, with Visa's global payment network and digital technology. The stated aim is to keep pace with developments in both the domestic and international digital finance landscape.
Regulatory context
The cooperation comes as South Korea's National Assembly is set to begin full-scale discussions on stablecoin regulation in the second half of 2026. Industry observers view the timing of the partnership as an effort by Shinhan Financial and Visa to prepare for the practical application of global payment networks within financial services ahead of, or alongside, the formal regulatory process.
Stablecoins have drawn growing attention from banks and payment networks globally as a potential settlement layer for cross-border and domestic transactions, and regulatory frameworks in several jurisdictions remain under development. The Shinhan-Visa agreement reflects a broader trend of established financial institutions and card networks positioning themselves ahead of anticipated regulatory clarity.
Shinhan Financial Group Chairman Jin Ok-dong, said the agreement extends the company's existing partnership with Visa into the wider digital finance space, combining Shinhan's financial capabilities with Visa's global infrastructure to develop new financial models.
Visa has been expanding its involvement in stablecoin infrastructure across multiple markets, offering platforms that support issuance and settlement functions for financial institutions. The agreement with Shinhan Financial represents one of the company's initiatives in the South Korean market specifically.
