Who said Banks wouldn’t use XRP? Today we get news from XRP Research Center (follow him on twitter) that the 2nd largest bank in Korea is a confirmed Ripple Partner:
This means that the two of the largest banks in South Korea are now Ripple customers:
— XRP Research Center (@XrpCenter) September 25, 2019
Shinhan Bank is Korea 2nd largest bank and is headquartered in Seoul, South Korea. Historically it was the first bank in Korea, established under the name Hanseong Bank in 1897. The bank was reestablished in 1982. It is part of the Shinhan Financial Group, along with Jeju Bank. Chohung Bank merged with Shinhan Bank on April 1, 2006.
Shinhan Bank started as a small enterprise with a capital stock of KRW 25.0 billion, 279 employees, and three branches on July 7, 1982. Today, it has transformed itself into a large bank, boasting total assets of KRW 176.9 trillion, equity capital of KRW 9.7 trillion, 10,741 employees, and 1,026 branches as of 2006. As of June 30, 2016, Shinhan Bank had total assets of KRW 298.945 trillion (US$260 billion), total deposits of KRW 221.047 trillion (US$192 billion) and loans of KRW 212.228 trillion (US$184 billion). Shinhan Bank is the main subsidiary of Shinhan Financial Group[SFG]
Here is where it gets interesting. Back in 2017, a Ripple insights article was posted titled: Top Korean Banks Work with Japan Bank Consortium to Modernize Cross-border Payments.
At the time, This initiative was the first time money moves from Japan to Korea over RippleNet. The Japan Bank Consortium — a coalition of 61 banks in Japan, organized by SBI Ripple Asia — has announced the launch of a new Ripple pilot with Woori Bank and Shinhan Bank, two of South Korea’s largest banks with a collective market capitalization of more than $30 billion. Ripple’s settlement technology, xCurrent, to settle transactions between participating Japanese banks and Woori Bank or Shinhan Bank.