POSCO International said it will work with Hana Financial Group and blockchain firm Dunamu on a blockchain-based global remittance business.
The company said the three parties signed a memorandum of understanding in Seoul on the 29th at Hana Financial Group’s headquarters to cooperate on blockchain-based overseas remittances and intercompany fund transfers.
Attendees included POSCO International President Lee Kye-in, Hana Financial Group Vice Chairman Lee Eun-hyung and Dunamu CEO Oh Kyung-seok, the company said.
Under the agreement, the companies will cooperate on blockchain-based remittances, build financial infrastructure to improve global cash-management efficiency, and explore digital finance business opportunities.
The companies said traditional remittances routed through the SWIFT network typically process payment instructions and settlement separately, which can lead to delays and higher costs. The partnership aims to link instructions and settlement in real time using blockchain technology to improve speed, transaction transparency and cost efficiency.
POSCO International said it carries out about 40,000 overseas remittances a year through its network in 51 countries. It plans to apply blockchain to real cash flows generated in global trade transactions, verify effectiveness and expand use in stages.
Hana Financial Group and Dunamu previously conducted a proof of concept for blockchain-based remittance technology and confirmed that sensitive information, including transaction details, could be transmitted securely on Dunamu’s in-house blockchain platform, the GIWA chain. The new cooperation moves that work into an environment involving actual fund transfers.
The three companies said they will also push to build a blockchain-based real-time remittance cooperation model within the year. POSCO International will lead application to real global trade transactions; Hana Financial Group will handle foreign-exchange operations and functions such as remittance, settlement and payments; and Dunamu will provide technical infrastructure based on the GIWA chain and support operation of blockchain transaction records.
Lee of POSCO International said the company had built “a foundation for a mid- to long-term partnership” with leading domestic firms in digital finance and digital assets, adding that it would expand its role in the digital finance ecosystem through the three-way cooperation.
Lee Eun-hyung of Hana Financial Group called the partnership “an important turning point” in linking digital assets, industry and finance, and said commercialization would deliver new value to participants across the industrial ecosystem.
Oh of Dunamu said he hopes the GIWA chain’s technology will help build a more efficient and transparent on-chain financial environment, adding that the company will provide technical support for future changes in finance driven by blockchain.
POSCO International also noted it recently issued about 140 billion won in blockchain-based foreign-currency digital bonds with HSBC, describing it as the first such issuance by a nonfinancial company in South Korea. It said it has been expanding digital transformation in funding and payments, including by introducing a blockchain-based global payment system in cooperation with JPMorgan Chase last year.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.