Shinhan Bank Tests Foreign Medical Expense Payments with Stablecoins

Shinhan Bank has verified a payment and settlement technology that allows foreign patients to pay medical expenses using stablecoins, with domestic medical institutions receiving payments in Korean won. On the 21st, Shinhan Bank announced that it has completed a limited pilot transaction of overseas stablecoin payment services in collaboration with KSNET and medical institutions in Seoul. When a foreign patient pays for medical expenses with stablecoins, an overseas regulatory entity converts it into legal tender for remittance, and KSNET pays the medical institution in Korean won. Shinhan Bank has checked the financial infrastructure connections necessary for domestic receipt of payment and won settlement. Domestic participating institutions and medical institutions do not directly hold or trade stablecoins, while medical institutions maintain the existing won settlement method, allowing foreign patients to pay for medical expenses through the convenient payment service. The transaction history from payment to settlement is electronically recorded, enabling the verification and management of transaction flows, thereby enhancing payment transparency. Based on the results of this demonstration, Shinhan Bank plans to review corporate payment and settlement services to meet the demand for stablecoin payments from overseas users, including foreign medical tourists.

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