South Korea’s Shinhan Bank has selected StoneX Payments as its strategic cross border payments partner in a move aimed at strengthening international payment services for corporate and institutional clients. The partnership will integrate StoneX’s global payments infrastructure into Shinhan Bank’s existing banking platform, enabling access to foreign exchange execution, local settlement and cross border payment services across more than 140 currencies and 180 countries. The collaboration also reflects growing demand among banks for specialist payment infrastructure that can improve efficiency in emerging-market corridors while reducing transaction costs and settlement complexity.
Shinhan Bank Strengthens Global Payments Network
Under the agreement, Shinhan Bank will leverage StoneX Payments’ institutional payments platform to provide enhanced cross border payment and foreign exchange services to its clients. The solution is designed for high-volume international transactions and connects to a network of more than 385 banking institutions worldwide.
Unlike traditional remittance-focused services, the platform supports institutional payment requirements including foreign exchange execution, local currency settlement, last-mile payment delivery and real-time transaction visibility, all integrated within Shinhan Bank’s banking environment.
Serving approximately 29 million customers across retail, corporate and institutional banking, Shinhan Bank expects the partnership to strengthen its ability to support businesses operating across increasingly complex international markets.
Focus on Emerging Market Payment Corridors
The collaboration comes as demand continues to grow for efficient payment access into regions including Latin America, the Middle East and Africa.
Corporate customers, multinational organisations, importers, exporters and non-profit organisations are expected to benefit from faster settlement, lower transaction costs and broader access to payment corridors that have traditionally relied on multiple intermediary banks and less efficient foreign exchange processes.
StoneX said the agreement also supports its continued expansion strategy across South Korea and the wider Asia-Pacific region.
Executive Commentary
A Shinhan Bank spokesperson said the partnership combines institutional-scale infrastructure with the flexibility needed to support clients operating globally, particularly in markets where payment access has historically been more challenging.
Thiago Vieira, Global Head of StoneX Payments, described the agreement as an important milestone in StoneX’s Asian growth strategy, adding that the company’s payments infrastructure was built to support the complex international payment requirements of major financial institutions.
What it means for the industry
- Banks are increasingly partnering with specialist payments providers rather than building complex international payment infrastructure internally.
- Demand for faster and more transparent cross border payments continues to expand beyond traditional remittance services into institutional banking.
- Emerging-market payment corridors are becoming a strategic priority as businesses expand global supply chains and international trade.
- API-driven payment infrastructure is enabling banks to broaden global capabilities without replacing their existing core banking platforms.
- Partnerships like this highlight how embedded payment networks are becoming an important competitive differentiator for international banking services.
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