South Korean bank taps into blockchain to speed up loan issuance

Wednesday 29 May 2019 10:12 CET | News

Shinhan, a South Korea- based bank, has been using blockchain technology to speed up the approval process for loan products.

The bank aims to use a blockchain platform to verify the items of proof required for credit lending, such as qualification or certification documents. Until now, customers had to submit these documents directly to the bank to undergo time-consuming manual verification of their authenticity.

With the blockchain-based verification system, Shinhan is expecting to process these documents more quickly and at a lower cost, according to CoinDesk. A Shinhan Bank official was quoted as saying in the report that the blockchain system is expected to boost the number of “non-face-to-face” loan products processed and that the bank plans to expand the system to more products.

Founded in 1897, Shinhan explored blockchain technology in 2018, when it trialed cross-border remittances for business customers using Ripple’s blockchain technology.

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Keywords: Shinhan, Soth Korea, blockchain, loans, document verification, financial services
Countries: World