Shinhan Bank Pilots Stablecoin Payments and Settlement for Foreign Medical Tourists

Shinhan Bank said on October 21 that it had completed a pilot test of a payment and settlement system in which foreign patients pay medical expenses with stablecoins and domestic medical institutions receive payment in won.

The pilot was conducted to address overseas demand for stablecoin payments while determining whether domestic medical institutions could continue using their existing settlement systems. In cooperation with domestic payment service provider KSNET, the bank ran limited pilot transactions at medical institutions in Seoul using an overseas stablecoin-based mobile payment service.

Under the system, a foreign patient pays medical expenses in stablecoins, an overseas regulated service provider converts the payment into fiat currency and remits it to Korea, and KSNET pays the medical institution in won. Shinhan Bank assessed whether financial infrastructure could be connected to enable the domestic receipt of payments and settlement in won.

The pilot accepted overseas stablecoin payments without requiring domestic participating organizations or medical institutions to directly hold or trade digital assets. This allows medical institutions to accommodate new payment demand without the added burden of managing digital assets, while enabling foreign patients to pay for medical expenses through overseas mobile payment services they already use.

Transaction details were also recorded electronically from payment through settlement. This makes it easier to review and manage transaction records and may help improve transparency. A Shinhan Bank official said, "For a new payment method to be used in actual transactions, we need to consider not only user convenience but also the business processes of companies receiving payments. Building on the experience gained through this pilot, we will work to develop specific payment and settlement services that corporate customers can use."

This content was produced with the assistance of AI translation services.