According to a report published by TheKoreaTimes on Aug. 14, the move is a move by Shinhan Bank to enhance customers' security.
Per the report, the partnership will jointly see them develop a Private Key Management System for its banking services.
Ground X is the blockchain unit of South Korean messaging giant Kakao, and is reportedly expected to provide a blockchain-based platform. Hexlant develops the infrastructure to feature an anti-cracking program for the platform.
The first tests of the new systems are expected to take place in October. One Shinhan Bank official commented on the development:
“Blockchain technology has gained attention from the financial sector for its advantages, but financial firms have experienced difficulties in applying the technology to their system. [...] Shinhan Bank will provide a convenient user-friendly interface under the deal with Ground X and Haxlant.”