Hana Financial, Dunamu, and POSCO Launch Blockchain Remittance System in Groundbreaking Partnership
By Abdus Salam
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In a forward-thinking move destined to transform the landscape of international trade, Hana Financial, Dunamu, and POSCO International have successfully transitioned their innovative blockchain remittance system into live transactional use. This systematic deployment, unveiled on April 29, 2026, represents a pivotal moment in the evolution of cross-border transactions in South Korea.
The partnership, formalized through a trilateral memorandum of understanding signed at Hana Financial Group's headquarters in Seoul, marks the first instance of using the GIWA Chain framework for real trade flows. The initiative follows a promising proof-of-concept completed earlier this year, demonstrating a significant reduction in settlement times and costs compared to the traditional SWIFT payment framework. By leveraging Dunamu's proprietary technology, the companies aim to enhance efficiency in the remittance process.
Traditionally, cross-border payments are marred by inefficiencies within the SWIFT system, where the steps of sending payment instructions and actual fund movement are both fragmented and time-consuming. In contrast, this novel blockchain solution merges these functions into a single, seamless transaction, promising expedited and cost-effective money transfers for businesses engaged in global trade.
By taking charge of remittance processing, fund settlement, and foreign exchange management, Hana Financial plays a critical role in the operation. POSCO International's trading arm is tasked with handling the business applications utilizing real transactional flows, while Dunamu oversees the blockchain infrastructure, ensuring the transparency and integrity of transaction records.
Lee Gye-in, President of POSCO International, articulated the strategic vision of this collaboration, stating, “We have established a foundation for mid-to-long-term partnerships with leading domestic companies in the fields of digital finance and digital assets.” The triumvirate intends to model real-time blockchain remittances before year-end, solidifying their position in the digital finance sector.
This endeavor is emblematic of POSCO International's broader agenda, aimed at deepening its footprint in digital finance. In recent months, the company issued blockchain-based foreign currency digital bonds worth approximately 140 billion Korean won (around $95 million) in partnership with HSBC, and earlier, it launched a blockchain-enabled global payment system with banking giant JP Morgan.
As South Korea accelerates its engagement with blockchain technology, this collaboration highlights a growing trend among financial institutions to innovate traditional processes, positioning themselves at the forefront of the fintech revolution.
For more updates, follow the developments in the burgeoning blockchain landscape.
Source: Cointelegraph