Shinhan Card said Thursday it had signed a memorandum of understanding with Solana Foundation to collaborate on stablecoin payment technologies and expand its high tech payment ecosystem.
The companies plan to conduct an advanced proof-of-concept building on a preliminary PoC completed last year, to jointly explore commercial opportunities in various sectors. Using the Solana testnet, they will develop payment scenarios between customers and merchants while assessing the technical stability of the blockchain network.
They will also verify the stability of non-custodial online wallets, in which users retain full control over their assets without relying on third-party institutions. Shinhan card aims to secure both autonomy and security by testing the operational environment for the wallets.
In addition, the company will pursue development of a hybrid financial model that combines traditional finance infrastructure with decentralized finance. It plans to leverage oracle technology to securely connect real-world transaction data to blockchain networks and build its own DeFi service environment. This will allow the firm to test the execution stability of smart contracts and establish a monitoring framework for next-generation financial models.
Based on the joint research, Shinhan Card said it would continue to strengthen its Web3 capabilities and review concrete plans for launching related services in line with future regulatory requirements.
A Shinhan Card official said the partnership will help validate the practical applicability of blockchain technologies, adding that the company aimed to deliver secure and convenient payment services by combining its expertise with Solina’s infrastructure once regulatory conditions are in place.
A Solana Foundation official said the collaboration would seek to overcome the limitations of existing financial services by combining the reliability of traditional finance with the efficiency of DeFi, while prioritizing regulatory compliance and customer protection.
By Jeon Ji-woo (jwjeon7625@heraldcorp.com)
