The Omise Company and OmiseGo brand recently signed an MOU (Memorandum of understanding) with Shinhan, a South Korean bank. This way, OmiseGo, and Omise have now expanded their coverage in one of the countries where cryptocurrency has gained ground.
The Partnership With Shinhan Bank
There are a lot of banks that transact using cryptocurrencies in South Korea, despite the fact that the government has imposed strict regulations in the crypto market. Because of these restrictions, some banks have hesitated serving cryptocurrency related companies and even individuals. Shinhan Bank, nevertheless, is one of the leading South Korean banks who offer cryptocurrency related services in the country.
Shinhan Bank, the second largest bank in the country signed an important MOU (memorandum of understanding) agreement with Omise and OmiseGo. The bank wants to keep expanding its coverage, and for that to happen, they have signed a partnership deal with Omise and OmiseGo.
This agreement between these companies is to bring advancement to the ShinhanCard which services mobile payment platforms.
Those present at the signing ceremony in Bangkok, Thailand was Jun Hasegawa, the CEO, and Founder of Omise and OmiseGo. Ezra Don Harinsut, the COO & Co-Founder of Omise and OmiseGo. Sutthiporn Mekha Aphirak, who is the Business Development Manager at OmiseGO. Kim Jung Soo, the Head of Digital Business Division at ShinhanCard. Cho Yong Seok, the Team Leader from ShinhanCard. Lastly, Lee Junghoon, who is a Manager from ShinhanCard.
Shinhan is to look carefully into diverse ways to leverage Omise’s payment solutions. OmiseGo, on the other hand, would provide servers and Software Development Kits (SDK) to electronic wallet providers.
The CEO of Omise, Jun Hasegawa in a statement said:
“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 fast moving towards divers innovations in cryptocurrencies and blockchain technologies. The agreement between Omise, OmiseGo, and the Shinhan bank confirms this. It is also imperative to keep a close eye on the plans by the South Korean government towards implementing better cryptocurrency regulations and a more flexible cryptocurrency environment. It could also have stricter controls for crypto-related activities.