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ORCA 
SOL Summary
Shinhan Financial Group and Visa will jointly develop a stablecoin infrastructure that supports issuance, transfer, settlement and redemption by the Korean banking industry.
Shinhan Bank, Shinhan Card and Jeju Bank will participate in the payment pilot, while Visa will provide its international network, technology and expertise.
South Korea's Basic Law on Digital Assets may determine how regulated banks provide stablecoin custody, settlement, transfer and redemption services domestically.
South Korea Shinhan Financial Group cooperates with Visa to build a bank stablecoin payment system
South Korea Shinhan Financial Group has reached a cooperation with Visa to jointly develop stablecoin payment infrastructure for regulated domestic banks. The proposed system will support the issuance, transfer, settlement and redemption of stablecoins in South Korea's existing financial channels and banking networks.
New Korea will first test these functions through Visa's stablecoin platform, and then design a business model suitable for domestic financial institutions. The agreement also covers card settlement, artificial intelligence payment models, and extended payment services for corporate and individual customers. However, all proposed services must comply with South Korea's ongoing digital asset regulations and existing consumer protection requirements.
Shinhan subsidiaries will participate in bank pilot
Shinhan expects that as the planned stablecoin payment system enters the testing and development stage, several major subsidiaries will participate. These companies include Shinhan Bank, Shinhan Card and Jeju Bank, which together serve multiple domestic customers and commercial market segments.
Their participation will allow Singapore South Korea to pilot stablecoin in banking services, card payments and broader consumer finance businesses. In addition, Visa will provide its global payment network and digital technology throughout the infrastructure development and testing process.
In April this year, Shinhanka cooperated with the Solana Foundation to test the stablecoin payment system through the first layer of blockchain. The pilot examined whether blockchain technology could support transaction processing in the financial group's existing credit card business.
In addition, Shinhan Asset Management has partnered with the Solana Foundation, Etherfuse and decentralized exchange Orca to launch another digital asset program. Sifang plans to test the issuance and allocation of tokenized investment funds denominated in Korean Won.
Digital asset regulations will shape New Korea's banking model
South Korean lawmakers are enacting the Basic Law on Digital Assets to regulate the country's expanding cryptocurrency and digital finance sectors. The proposed legislation will establish requirements to cover stablecoins, virtual asset service providers, and cryptocurrency exchange-traded funds.
Therefore, final regulations will determine how banks provide stablecoin issuance, custody, transfer, settlement and redemption services within South Korea. Shinhan reported quarterly net income of 1.82 trillion won (approximately US$1.3 billion), demonstrating its financial strength.
The agreement will ultimately connect Singapore's domestic banking experience with Visa's international network and mature digital payment technology infrastructure.
