Shinhan Bank Launches Deposit Token Electronic Wallet

About 30,000 Pre-Applications for Bank of Korea's "Project Hangang"
Electronic Deposit Token Wallets Opened for 16,000 Selected Customers

Shinhan Bank announced that from 10 a.m. on the 1st, it has launched a deposit token electronic wallet on Shinhan SOL Bank to participate in the Bank of Korea's digital currency test, "Project Hangang."

Shinhan Bank received pre-applications for a demand survey for six days starting from the 25th of last month, attracting about 30,000 customers and leading to great interest.

Pre-application customers, limited to the first 16,000 people, can prioritize joining the service for two days starting from this day. They can open a deposit token electronic wallet through Shinhan SOL Bank. Customers who missed the pre-application can also apply additionally on a first-come, first-served basis from the 3rd, subject to remaining capacity.

Customers who wish to participate in the real transaction test can convert their basic deposits into deposit tokens and use the generated QR code to make easy payments at designated online and offline affiliated stores. During the event period, which runs until June 30, the maximum deposit token holding limit available for use is 1 million KRW, and the total deposit token conversion limit during the period is 5 million KRW.

Payments will also be possible from the 7th through Shinhan Bank's innovative financial service "Ttaenggyeoyo." Shinhan Bank plans to offer various events for deposit token users, including My Shinhan Points, Ttaenggyeoyo points, and discount coupons.

A Shinhan Bank official stated, "We have prepared this test so that customers can experience a new payment method and receive financial benefits during the pilot project period," adding, "As a participating bank and designated merchant of Project Hangang, we will faithfully perform our role to ensure the smooth progress of the digital currency real transaction test."

Meanwhile, this test is jointly conducted by the Bank of Korea, financial authorities, and seven participating banks. Project Hangang is a citizen participation pilot project to verify the practical usability of digital currency and to review the future direction of financial market infrastructure development.