The largest bank in South Korea announced a partnership with the platform Omise

Leading financial structure of South Korea Shinhan Financial Group concluded earlier this week a partnership agreement with the blocking platform Omise, within which it intends to introduce the proposed technology in the system of payments.

At this stage, the partnership is at the stage of a memorandum of understanding with Shinhancard, engaged in credit cards by the Shinhan Financial Group. In the coming months, Shinhancard will work closely with Omise to introduce OmiseGo technology into various areas of the bank's operations, and is also expected to develop new business models and applications.

"Omise and OmiseGO strive to revolutionize the movement of digital values ​​in the world and achieve the ultimate goal of creating a platform that would underpin a decentralized economy. The OMG platform uses the Plasma architecture and is created as a public network based on Ethereum, "said Yun Hasegawa, CEO and founder of Omise.

The company also said that Omise will handle the processing of Shinhan FAN cards and commercial payments with the participation of foreign merchants.

According to the Corporate Finance Institute, Shinhan Financial Group has 871 subdivisions and 27 private wealth management centers in South Korea, as well as 14 divisions in other countries. As of 2016 under the management of the structure there were assets worth $ 341 billion.

Earlier this year, Omise signed a memorandum of understanding with the Ministry of Information Technology of Thailand, initiating work to create a national digital identity system and a payment system based on distributed registry technology.