Standard Bank (largest bank in Africa) and Shinhan Bank (the largest bank in South Korea) move to Crypto for Cross-Border Transactions. | Reddit

<!-- SC_OFF --><div class="md"><h2>Cross-border transactions can take days to settle.</h2> <p>To expedite this process and its efficiency, Shinhan Bank, the leading bank in South Korea, and Standard Bank, the largest bank in Africa, have united in a proof-of-concept on Hedera. In so doing, the trial looked to reduce the reliance on middlemen, associated costs, and settlement time in the currently $702 billion remittance market. </p> <p>In this talk, the two Hedera Governing Council members will showcase:</p> <ul> <li>Challenges with legacy cross-border payment systems (SWIFT)</li> <li>Proposed stablecoin solution on Hedera</li> <li>A live demonstration of the settlement process</li> </ul> <p>This presentation will premier on YouTube on December 8th at 9pm PST / December 9th at 7am SAST / 2pm KST.</p> <p>&#x200B;</p> <p><a href="https://hedera.com/stablecoin-settlement">https://hedera.com/stablecoin-settlement</a></p> </div><!-- SC_ON --> &#32; submitted by &#32; <a href="https://www.reddit.com/user/Afterlife123"> /u/Afterlife123 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/r59qql/standard_bank_largest_bank_in_africa_and_shinhan/">[link]</a></span> &#32; <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/r59qql/standard_bank_largest_bank_in_africa_and_shinhan/">[comments]</a></span>