Key Highlights
- POSCO International, Hana Financial Group, and Dunamu signed an MOU for blockchain-based overseas remittances.
- The initiative moves beyond proof-of-concept to real-world application of blockchain in live financial transactions.
- The system aims to replace inefficiencies in traditional networks like SWIFT with real-time settlement.
POSCO International has signed a trilateral agreement with Hana Financial Group and Dunamu to implement blockchain technology in overseas remittances and inter-company fund transfers, marking a shift from pilot testing to real-world financial applications.
The Memorandum of Understanding (MOU), signed on April 29 at Hana Financial Group’s headquarters in Seoul, brings together capabilities in global trade, financial services, and blockchain infrastructure to modernize cross-border transactions.
From PoC to production
The foundation for this deal is a successful 2025 Proof of Concept (PoC) between Hana Financial Group and Dunamu. The trial demonstrated that sensitive transaction data could be securely transmitted using Dunamu’s proprietary blockchain platform, GIWA Chain.
Conventional cross-border payments rely on systems such as SWIFT, where remittance instructions and settlement processes are handled separately. This fragmented structure often results in delays, higher costs, and limited transparency.
The new blockchain-based approach seeks to address these issues by integrating remittance instructions and settlement into a single real-time process, improving transaction speed, transparency, and cost efficiency.
POSCO International currently handles around 40,000 overseas remittances annually across 51 countries, offering a large-scale testing ground for the system.
A key feature of the initiative is its application to business-to-business (B2B) transactions, particularly between domestic headquarters and overseas subsidiaries. This real-world deployment is expected to validate blockchain’s effectiveness in managing corporate fund transfers and could pave the way for broader adoption across global financial operations.
Strategic context
The initiative aligns with POSCO International’s wider digital transformation strategy across financing, payments, and settlement systems.
The company recently issued blockchain-based foreign currency digital bonds worth approximately 140 billion won with HSBC—becoming the first domestic non-financial company to do so—and has also collaborated with JPMorgan to introduce blockchain-based global payment solutions.
The partnership also reflects a broader shift in the financial industry, where blockchain is moving beyond experimental use cases into real-world deployment.
By addressing long-standing inefficiencies in cross-border payments, the collaboration aims to create faster, more transparent, and cost-effective global remittance systems—potentially setting a new standard for corporate financial operations.
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