---
title: "Advancing cross-border payments across Asia"
id: "1401"
type: "case-study"
slug: "shinhan-bank"
published_at: "2025-09-04T16:19:37+00:00"
modified_at: "2025-12-18T03:43:49+00:00"
url: "https://hedera.com/case-study/shinhan-bank/"
markdown_url: "https://hedera.com/case-study/shinhan-bank.md"
excerpt: "Problem Traditional cross-border payments are notoriously slow and expensive. Settlement times often stretch from three to five business days, with customers paying $20–$80 in additional intermediary fees. For the $702 billion international remittance market, these inefficiencies not only drive up..."
---

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case study

# Advancing cross-border payments across Asia

Hedera Council member Shinhan Bank, alongside Standard Bank and SCB TechX, completed stablecoin remittance pilots on Hedera, demonstrating real-time cross-border settlements across multiple currencies using Hedera Token Service and Hedera Consensus Service.

[Visit Shinhan Bank](https://www.shinhan.com/en/index.jsp)

95%

Reduction in transaction fees

3-5d

Average settlement time using traditional payment rails

3-5s

Hedera network settlement time

relevant articles

- [Payments on Hedera](https://hedera.com/use-cases/payments/)
- [Stablecoin Studio](https://hedera.com/stablecoin-studio)
- [Shinhan Bank to Conduct Stablecoin International Remittance PoC on Hedera Network, in Partnership with Major Multinational Bank](https://hedera.com/blog/shinhan-bank-to-conduct-stablecoin-international-remittance-poc-on-hedera-network-in-partnership-with-major-multinational-bank)
- [Shinhan Bank, SCB TechX Successfully Pilot Stablecoin Remittances on the Hedera Network](https://hedera.com/blog/shinhan-bank-scb-techx-successfully-pilot-stablecoin-remittances-on-the-hedera-network)

## Problem

Traditional cross-border payments are notoriously slow and expensive. Settlement times often stretch from three to five business days, with customers paying $20–$80 in additional intermediary fees. For the $702 billion international remittance market, these inefficiencies not only drive up costs but also limit financial access, particularly in emerging markets. Transactions are also difficult to trace, leaving gaps in transparency and trust.

## Solution

Hedera enabled banks to mint locally-denominated stablecoins using Hedera Token Service, achieving real time settlement and FX integration. Hedera Consensus Service tracked transactions and confirmed exchange rates, while the EVM-compatible framework allowed multiple stablecoin issuers to participate. This solution eliminated intermediaries, reduced costs dramatically, and provided full transaction traceability across borders.

The successful completion of this second proof of concept with Hedera marks an important step forward in our efforts to make cross-border payments faster, cheaper, and more accessible to people around the world.

Kim Byung-Hee

Chief of Blockchain Division

## Shinhan Bank advances cross-border payments with Hedera

Using Hedera Token Service, participating banks minted locally denominated stablecoins to represent national currencies, enabling near-instant settlement with integrated foreign exchange capabilities. Transactions were confirmed within three to five seconds—compared to days via traditional rails—and fees were reduced by up to 95%.

## Why Hedera

Hedera Consensus Service provided an immutable record of each transaction, including exchange rate confirmations, ensuring full transparency and auditability. Hedera’s EVM-compatible framework also allowed multiple stablecoin issuers to seamlessly participate in the same transaction flow, making the pilots a strong model for scalable, multi-bank interoperability.

## Summary

By eliminating intermediaries, streamlining foreign exchange, and ensuring real-time settlement, Shinhan Bank and its partners demonstrated a viable path to faster, cheaper, and more transparent global payments. These pilots highlight Hedera’s potential to not only reduce friction in cross-border transfers but also to expand access to reliable financial services worldwide.

With these successful trials, Shinhan Bank is paving the way for a new era of international remittances—one where blockchain-powered payments can deliver speed, cost efficiency, and trust at a global scale.

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