South Korea's Shinhan signs for Visa stablecoin platform

South Korean conglomerate Shinhan Financial Group has signed a memorandum of understanding with Visa to use the American firm's new stablecoin platform. According to Finextra, they will also explore AI-based payment models.

Shinhan's deal with Visa comes as South Korea experiences significant economic growth, driven in part by its prominent tech industry. Fortune reports that the country is home to major electronics and chip manufacturers, and the KOSPI index has risen almost 60% this year.

However, despite this growth, Goldman Sachs notes that wealth may not be trickling down to ordinary households. The report highlights that retail sales in South Korea remain close to 2019 levels, even as exports and factory investment surge. Fortune also cites a "K-shaped cycle" where corporate balance sheets thrive while private consumption remains soft.

Brief written by urgent.news from Finextra, Fortune — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.