A leading financial institution in South Korea, Shinhan Financial Group signed earlier this week a partnership with blockchain platform Omise, which intends to implement the proposed project technology in the payments system.

Excited to announce that #Omise and @omise_go recently signed an #MoU with @shinhancard. Full details here 👉🏼https://t.co/RqeGmsEce9

— Omise (@Omise) 5 April 2018

At this stage the partnership is at the stage of Memorandum of understanding with Shinhancard involved in credit card division of Shinhan Financial Group. In the coming months Shinhancard will work closely with Omise on the introduction of technology OmiseGo in different areas of the Bank and is expected to develop new business models and applications.

“Omise and OmiseGO strive to revolutionize the movement of digital values in the world and achieve the ultimate goal of creating a platform that would lay the basis of a decentralized economy. Platform architecture the OMG uses a Plasma and is created as a public network based on Ethereum”, — said CEO and founder of Omise young Hasegawa.

Also, the company noted that Omise will deal with the Shinhan FAN card processing and commercial transactions involving foreign merchants.

According to the Corporate Finance Institute, Shinhan Financial Group has 871 unit and 27 centres for private wealth management in South Korea, as well as 14 affiliates in other countries. As of 2016, under the control of the structure there were assets in the amount of $341 billion.

Earlier this year, the company Omise signed a Memorandum of understanding with the Ministry of information of Thailand, marking the beginning of work on creation of national system of digital identification and payment systems based on the technology of the distributed registry.