Standard Bank (largest bank in Africa) and Shinhan Bank (the largest bank in South Korea) move to Crypto for Cross-Border Transactions.

Cross-border transactions can take days to settle.

To expedite this process and its efficiency, Shinhan Bank, the leading bank in South Korea, and Standard Bank, the largest bank in Africa, have united in a proof-of-concept on Hedera. In so doing, the trial looked to reduce the reliance on middlemen, associated costs, and settlement time in the currently $702 billion remittance market.

In this talk, the two Hedera Governing Council members will showcase:

• Challenges with legacy cross-border payment systems (SWIFT)
• Proposed stablecoin solution on Hedera
• A live demonstration of the settlement process

This presentation will premier on YouTube on December 8th at 9pm PST / December 9th at 7am SAST / 2pm KST.

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https://hedera.com/stablecoin-settlement