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On May 27, South Korean media Yonhap announced the launch of a new credit system powered by blockchain, financial group Shinhan Bank announced the launch of a new credit system. leveraging blockchain technology. "face to face".
Yonhap noted that it was the first time that blockchain technology was used for this type of project in Korea.
According to the report, the new system is designed to reduce the time required for verification of submitted documents and should simplify the loan process for those who choose to search for online loan opportunities. This is part of Shinhan Bank's broader efforts to improve remote customer access to banking services and expand access to products.
The bank chose to apply the system first to 'Shinhan Doctors' products. As Yonhap reports, this application resulted in an immediate reduction in confirmation time: "The confirmation process of the fact that the client is a regular member of the hospital doctor's board was shortened in real time the second or the third day."
An official at Shinhan Bank highlighted the expected benefits of the new system:
"The introduction of the blockchain qualification system will contribute to the activation of products other than face-to-face.
We will make efforts to increase customer convenience and expand accessibility by launching a variety of products other than face-to-face. "
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