Thailand’s Omise and OmiseGO recently signed a Memorandum of Understanding (MoU) with ShinhanCard which is a major South Korean credit card business and technical company, an affiliate of Shinhan Financial Group.

The Partnership With Shinhan Bank

There are a lot of banks that accept cryptocurrency transactions in South Korea, despite the fact that the crypto market has been enforced by restrictions of the government. Due to these strict regulations, some banks have hesitated providing cryptocurrency related services to companies and even individuals. However, Shinhan Bank is one of the leading banks who offer cryptocurrency related services in South Korean.

Shinhan Bank, the second largest bank in the country signed an important MOU agreement with Omise and OmiseGo. Omise is a payment solution platform that has operational offices in Thailand, Singapore, Japan, and Indonesia; OmiseGO is its decentralized scaling solution network for Ethereum (ETH) that raised $25 mln in an Initial Coin Offering (ICO) last year.

This agreement between these companies aimed to bring breakthrough to the ShinhanCard which services mobile payment platforms. This was a move towards fintech innovation and Blockchain adoption throughout Asia when expanding its coverage in one of the countries where cryptocurrency was continuing to be legitimized and embraced through a careful and considered approach.

According to the press release of Omise and OmiseGO, the MoU will bring Omise additionally into Southeast Asia and Japan, as well as help to “advance ShinhanCard’s digital offerings across its portfolio of payment services and mobile application” with the application of OmiseGo’s publicly available server and SDK wallets.

“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 OmiseGO wallet SDK was recently release [sic] 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 OmiseGO Network.” said Jun Hasegawa, the CEO and founder of Omise and OmiseGO,in the press release.

South Korea is fast moving further into the sector of cryptocurrency and blockchain technology innovation. This agreement confirmed it. The agreement is also compulsory to keep a close eye on the upcoming plans by the South Korean government towards implementing better cryptocurrency regulations and a more flexible environment for cryptocurrency or stricter controlling for crypto-related activities.