NHN KCP and Shinhan Bank Participate in Central Bank Digital Currency Pilot Project

NHN KCP announced on the 27th that it will participate in the second phase of the central bank digital currency (CBDC) pilot project "Project Han River" in collaboration with Shinhan Bank. This partnership aims to establish a private cooperation model for the practical expansion of a payment network based on deposit tokens. The Bank of Korea is promoting "Project Han River" to validate a "two-tier currency system" based on distributed ledger technology (DLT). In the first phase of the pilot, Shinhan Bank recorded a significant share in transaction amounts and usage counts. The second phase will focus on expanding usage scenarios and improving user experience (UX), planning to apply deposit token payments in various everyday environments by leveraging NHN KCP's online and offline merchant network. Merchants can introduce deposit token payment services through existing payment infrastructure, minimizing the burden of implementation. Shinhan Bank plans to expand services centered around major merchants and secure real-use data. Both companies expect this collaboration to provide tangible benefits to both merchants and consumers.

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