NHN KCP and Shinhan Bank Join South Korea’s Project Hangang Phase 2 for CBDC Payments

NHN KCP and Shinhan Bank announced their joint participation in the Bank of Korea’s central‑bank digital currency (CBDC) pilot, Project Hangang, phase 2. The collaboration will test the use of deposit‑token payments across everyday merchants such as convenience stores, large supermarkets and online shopping platforms, leveraging NHN KCP’s existing payment infrastructure to minimise integration costs for merchants.

Phase 2 aims to expand token use cases, improve user experience and gather real‑world transaction data. The partners also plan to explore applications for government subsidies and policy‑fund disbursement through tokenised payments, seeking greater transparency and efficiency.

The joint effort is viewed as a key step toward commercialising CBDC payments in South Korea, creating a private‑sector model for broader adoption of digital currency in daily transactions.