Soak beef in cold water for 30 minutes and then drain. Dice the beef into 4x2x2 centimetre pieces.
Place a non-stick sauté pan on high heat, add 1 tablespoon of olive oil and beef. (this can either be done in the Instant Pot using the Sauté function or on the stove)
Sauté for a few minutes until water evaporates and beef turns brown. Transfer beef in a bowl and set aside.
Heat 1 tablespoon of olive oil in the same pan over medium-high heat. Sauté chili bean paste and sweet soybean paste for about 30 seconds.
Add chopped green onion, ginger and garlic, continue to sauté for 30 seconds.
Put the beef back into the pan, and sauté for 1 minute, then add the cooking wine, both soy sauces, sugar, salt, and water.
Transfer beef and sauce into the Instant Pot pressure cooker.
Cover the lid and place the pressure valve in “Seal” position. Press “Manual” button and set 38 minutes of cooking time. When the program is done, wait another 5 minutes.
Slowly release the pressure then open the lid. Select “Sauté” and set temperature to “More”, stir occasionally until the sauce is reduced to 1/3 its volume.
Transfer the braised beef shank into to a serving bowl, serve immediately over rice. Enjoy!