Overview
- The three Korean firms signed a memorandum of understanding in Seoul to build a blockchain-based platform for cross-border money transfers.
- Under the agreement, Hana will run remittance, foreign exchange and settlement operations, Posco International will apply the system to real trade deals, and Dunamu will supply its GIWA Chain to run and record transactions.
- The partners plan to shift from earlier testing to live validation within the year, using Posco’s ongoing cross-border payments to prove the service works at scale.
- Hana and Dunamu completed a prior proof of concept on GIWA Chain’s security, and the companies say the design merges payment messaging and fund movement into one real-time step that can cut delays and fees versus today’s SWIFT process.
- Posco International handles about 40,000 overseas remittances a year across 51 countries, giving exporters and suppliers a large test bed that could mean faster, clearer payments once the pilot is in use.