South Korean Giants Hana, POSCO, and Dunamu Deploy Blockchain Remittance System

Hana Financial Group, POSCO International, and Dunamu, the operator of the Upbit exchange, have entered a trilateral agreement to implement a blockchain-based remittance system for real-world trade. The partnership follows a successful proof-of-concept that demonstrated the ability of blockchain technology to streamline cross-border transfers and reduce overhead. The system utilizes Dunamu's proprietary GIWA Chain to replace the traditional SWIFT messaging network. Unlike the SWIFT framework, where payment instructions and fund movements occur as separate steps, this blockchain integration combines both into a single, real-time process, significantly increasing efficiency. Under the agreement, POSCO International's trading arm will manage the actual transaction flows. Hana Financial is responsible for remittance processing, foreign exchange, and fund settlement, while Dunamu provides the underlying blockchain infrastructure and maintains the transaction ledger. This move is part of a broader digital transformation for POSCO International. The company has previously collaborated with HSBC to issue blockchain-based foreign currency digital bonds totaling approximately 140 billion won (roughly $95 million) and worked with JP Morgan on a global payment system. The consortium intends to establish a fully operational working model for real-time blockchain remittances by the end of the year. This development mirrors other regional efforts to modernize financial plumbing, such as Kbank's partnership with Ripple for similar cross-border capabilities.