Hana Financial Group headquarters in Jung District, Seoul / Courtesy of Hana Financial Group
Hana Financial Group said Wednesday it signed a memorandum of understanding with POSCO International and Dunamu to jointly develop blockchain-based overseas remittance services.
The three companies aim to combine Hana Financial's foreign exchange network, POSCO International's global trading and supply chain operations, and Dunamu's blockchain technology to test real-time cross-border transfers.
The agreement signing ceremony took place at the group's headquarters in Seoul and was attended by Lee Eun-hyung, vice chairman of Hana Financial Group, POSCO International CEO Lee Kye-in and Dunamu CEO Oh Kyoung-suk.
Under the partnership, the companies will collaborate on building blockchain-based remittance systems, improving global cash management and payment infrastructure, and exploring new digital finance business opportunities.
Hana Financial plans to leverage its global network to develop blockchain-based remittance services aimed at reducing transfer time and costs, particularly for corporate clients.
POSCO International will act as a test bed by applying the system to its global trade operations, providing real-world use cases for cross-border payments.
Dunamu, the operator of Korea's largest cryptocurrency exchange, Upbit, will support the initiative with its blockchain infrastructure, including its proprietary platform, the GIWA Chain, which is designed to handle high transaction volumes and enhance privacy.
Earlier in February, Hana Financial Group and Dunamu completed a proof-of-concept project for a blockchain-based cross-border remittance service in partnership. The project pilot replaced the conventional Society for Worldwide Interbank Financial Telecommunication messaging network, commonly known as SWIFT, with the GIWA Chain across Hana Bank’s branches.
"The latest partnership marks a meaningful step toward integrating digital assets with financial and industrial sectors. We aim to commercialize the service and deliver tangible value to the market," said Lee, vice chairman of Hana Financial Group.
Source: Korea Times News
