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South Korean lender Shinhan Bank has selected the payments division of global financial services group StoneX Group Inc. as a strategic partner for cross-border payments and foreign exchange.
Under the agreement, Shinhan Bank will integrate with StoneX Payments to offer its clients cross-border payment and FX services across more than 140 currencies and 180 countries. The partnership is effective immediately, with full integration to be completed in phases and currency coverage expanding over the coming months.
Shinhan Bank gains access to StoneX Payments' proprietary platform and its network of more than 385 banks worldwide, which the firm positions for high volume and high complexity flows rather than conventional consumer remittance.
The offering covers FX execution, local currency settlement, last mile delivery in frontier markets and real time transaction transparency, delivered within Shinhan's existing banking environment.
StoneX said the partnership builds on its footprint in South Korea and the wider Asia Pacific region, where it reports accelerating demand for access to Latin American, Middle Eastern and African payment corridors. Shinhan's client base for the service includes importers and exporters, multinational corporates and non-profit organisations, which StoneX said would benefit from lower transaction costs, faster settlement and access to thinly traded corridors that have historically required multiple intermediaries.
Shinhan Bank serves approximately 29 million customers across retail, corporate and institutional banking.
StoneX Group Inc. is headquartered in New York and listed on the Nasdaq Global Select Market. It employs more than 5,400 people across over 80 offices on six continents, serving over 80,000 commercial, institutional and payments clients alongside more than 260,000 retail accounts.
“It is an honour to celebrate our 20th year of StoneX in Asia with this pivotal partnership,” said Thiago Vieira, Global Head of StoneX Payments. “Shinhan Bank is a landmark institution, and this new venture reflects our steadfast commitment to Asia as a strategic growth market. Our platform was built for exactly this: providing major financial institutions with an institutional-grade payments infrastructure they can trust with their most complex international payment flows. As we execute our Asia expansion strategy, powering Shinhan's global ambitions is precisely the kind of partnership that demonstrates what StoneX Payments offers to the world's leading banks.”
"StoneX Payments offers something genuinely different: the depth of a comprehensive and time-tested global infrastructure combined with the technology and agility our clients’ demand,” a senior Shinhan Bank spokesperson stated. “This partnership positions Shinhan Bank at the forefront of next-generation cross-border financial services, enabling us to serve our customers wherever they operate in the world — including markets where access has previously been unreliable or cost-prohibitive."
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