Omise and OmiseGo have recently signed a memorandum of understanding, with one of the most important South Korean banks, Shinhan. In this way, Omise and OmiseGo expand their businesses in one of the most active cryptocurrency countries in the world and with an important player in the field.
Shinhan Bank Partnership
There are several banks that operate with cryptocurrencies in South Korea, but the government has imposed strict regulations in the market. Because of that, some banks are still hesitant to serve crypto-related companies and individuals. But Shinhan bank is on the forefront of crypto services in the country.
Shinhan Bank is the second largest in the country and has signed an important memorandum of agreement with Omise and OmiseGo. Shinhan bank wants to keep expanding, and in order to do so, they’ve decided to sign a partnership with Omise and OmiseGo.
This memorandum of understanding will allow these enterprises to advance the ShinhanCard digital offerings in mobile payment platforms.
Shinhan could search and analyse different ways to leverage Omise’s portfolio of payment solutions. At the same time, OmiseGo would provide servers and mobile SDK to e-wallet providers.
Omise CEO Jun Hasegawa explained:
“Omise and OmiseGO are working to revolutionize the way digital value moves globally, with an end goal of creating a platform that facilitates a decentralized economy. The OMG platform, using the Plasma architecture, is being built as a public network that is powered by Ethereum. The first phase of the wallet SDK was recently released and is available for anyone to use. We want to make it easy for those who need online asset exchange as part of their business to connect seamlessly to the OMG Network.”
South Korea is moving towards innovation in cryptocurrencies, and we can confirm it with the latest memorandum of agreement between Omise, OmiseGo, and Shinhan. It will be very important to follow what the South Korean government is planning after the elections in June, later this year. More regulations? A more flexible cryptocurrency environment? Or even tougher controls to crypto-related activities?
Image The Merkle and Shinhan Bank