Hana Financial Group is accelerating its entry into the stablecoin-based payment market following a 1 trillion won investment in Dunamu. The company aims to create a new payment and settlement ecosystem by combining the digital asset infrastructure of Upbit, South Korea's largest cryptocurrency exchange, with the payment capabilities of Hana Card.
On October 23, Hana Financial announced that it is jointly conducting a proof of concept (PoC) for the payment and settlement ecosystem based on Dunamu and Upbit. Hana Card, a key subsidiary of Hana Financial, is participating in this validation.
Earlier, in June, Hana Financial acquired 2,284,000 shares (6.55%) of Dunamu from Kakao Investment through Hana Bank for approximately 1 trillion 33 billion won. This acquisition made Hana Bank the fourth-largest shareholder in Dunamu. The two companies have been expanding their strategic collaboration to develop financial services based on digital assets alongside the equity investment.
The current technology validation expands the scope of cooperation between the two companies into the actual payment and settlement domain. It aims to verify technology that allows users to make payments using stablecoins linked to Upbit and settle payments with merchants in real-time. The plan is to implement this technology as soon as relevant regulations are established.
A key focus is on reducing the settlement cycle for merchants. While traditional card payment networks can take several days for merchants to receive payment, a blockchain-based settlement system can shorten this to real-time. Hana Financial expects this will improve cash flow and operational efficiency for small businesses.
The validation will also test payment technology using various types of stablecoins. If the balance of a specific stablecoin is insufficient, the system will allow the use of another stablecoin to complete the payment.
For example, when making a payment overseas with a card linked to the Upbit wallet, users can first utilize Tether (USDT) and USD Coin (USDC), and if those balances are insufficient, they can opt to pay with a yen-based stablecoin like JPYC. Additional benefits such as favorable exchange rates are also being considered.
Based on this technology validation, Hana Financial plans to promote the standardization of stablecoin payment infrastructure. The strategy is to create a digital asset payment ecosystem involving various participants, including fintech companies and retailers, both domestically and internationally.
In the asset management sector, collaboration will also be expanded. Hana Card is jointly developing a program to offer customized premium financial services and exclusive partnership benefits to Dunamu's VIP clients, set to launch in January 2027.
A Hana Financial representative stated, "Through our collaboration with Dunamu, we are implementing a next-generation payment and settlement process that the public can experience. We aim to set a standard for the domestic digital asset payment market by integrating the Upbit exchange wallet into the existing payment landscape."
* This article has been translated by AI.
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