South Korea’s Hana Financial Group, Posco International, and Dunamu have announced a strategic partnership to develop a blockchain-based overseas remittance system. This collaboration aims to modernize corporate international payments by leveraging cutting-edge financial technology. The initiative will first be applied to Posco International's extensive global trade operations, which involve approximately 40,000 overseas remittances annually.
A Strategic Alliance for Digital Finance
Under the agreement, each partner will contribute its unique expertise to build a comprehensive solution. Posco International will spearhead the practical application, integrating the system into its real-world business operations. This involvement ensures the technology is validated against the complex demands of actual corporate financial workflows.
Hana Financial Group will leverage its extensive banking capabilities to manage the project's financial components. The group will oversee remittance management, fund settlement, and final payment processing. This role is critical for integrating the blockchain solution with established financial regulations and practices, ensuring compliance and security.
Technology firm Dunamu is providing the core infrastructure through its proprietary "Giwa Chain" blockchain platform. Prior to this agreement, Dunamu and Hana Financial Group successfully completed a proof of concept, confirming the technology's security and reliability. Dunamu will also manage the recording and maintenance of transaction data on the blockchain.
Overcoming Traditional Hurdles
The partnership directly addresses the long-standing inefficiencies of the traditional SWIFT international payment network. This existing system often leads to settlement delays and significant transaction costs due to its separated processes for instructions and payments. These challenges have long been a point of friction for businesses engaged in global trade.
By contrast, the new blockchain-based solution aims to link payment instructions and settlements in real time. This integration is expected to dramatically increase processing speed and enhance transactional transparency for all parties involved. Ultimately, the goal is to create a more cost-effective and efficient system for corporate finance.
Building on a Foundation of Innovation
This initiative builds upon Posco International's prior advancements in digital finance. The company was the first non-financial Korean firm to issue blockchain-based digital bonds, valued at approximately 140 billion won. It has also implemented a global payment system in collaboration with another major financial institution, demonstrating its commitment to digital transformation.
For Dunamu, this project is a key step in establishing its Giwa Chain as a central infrastructure for digital finance. The platform is designed to support stablecoins and deposit tokens, with Hana Financial Group planning a deposit token remittance network. This collaboration moves Dunamu beyond crypto exchange operations toward becoming a foundational financial technology provider.
This three-party agreement marks a significant milestone in the convergence of industry, finance, and digital assets in South Korea. Leaders from all three companies have expressed confidence that the collaboration will deliver new value and create a more efficient financial ecosystem. The project represents a practical and ambitious step toward the future of blockchain-powered global commerce.