Shinhan Financial Group is moving to develop future financial services with Visa, including stablecoin and AI-based payments.

Shinhan Financial said on Aug. 26 it signed a strategic business agreement with Visa Group on Aug. 24 at its headquarters in Jung-gu, Seoul, to push future finance businesses including digital assets, AI-based payments and B2B payments.

The two sides will first cooperate on building financial infrastructure for using stablecoins. Shinhan Financial plans to use Visa's stablecoin platform to verify core functions including issuance, remittance and redemption, and to jointly design business models that can be applied to South Korea's financial environment.

They will also review ways to use stablecoins in financial services such as card payment settlement. They will pursue joint proof-of-concept work and service development in AI-based payment models and in B2B and B2C payment businesses.

Shinhan Financial plans to expand cooperation by linking financial services of major units including Shinhan Bank, Shinhan Card and Jeju Bank with Visa's global payment network.

Jin Ok-dong (진옥동), chairman of Shinhan Financial, said, "We have expanded our long-standing partnership with Visa across digital finance," adding, "We will combine Shinhan's financial capabilities and Visa's global infrastructure to design new future finance models together."