TL;DR:
- Dunamu, Hana Financial Group, and POSCO International signed an MoU to launch a blockchain-based remittance system using real commercial transactions.
- The system uses Dunamu’s GIWA Chain to replace the SWIFT network, combining payment instruction and settlement into a single real-time process.
- POSCO International will serve as the first real-use case. The three firms aim to have an operational model before year’s end.
Dunamu, the operating company behind cryptocurrency exchange Upbit, Hana Financial Group, and POSCO International signed a tripartite memorandum of understanding (MoU) to launch a blockchain-based cross-border remittance system, using real commercial transactions as a testing ground.
Hana Financial, POSCO, and Dunamu Challenge SWIFT
The agreement emerged as the natural evolution of a proof of concept completed earlier this year by Hana Financial and Dunamu, which demonstrated that blockchain technology can reduce settlement times and costs compared to the traditional SWIFT system. That pilot phase used GIWA Chain, the blockchain developed by Dunamu, to replace SWIFT’s messaging network in international transfers.
The structural difference from the conventional model is highly significant: under the SWIFT framework, the payment instruction and the actual movement of funds are two separate steps, which generates delays and additional costs. The system built on GIWA Chain merges both stages into a single real-time process.
GIWA Chain in Real Operations
Under the new agreement, each party assumes a defined role. The commercial arm of POSCO International will manage the business application over real transaction flows. Hana Financial will handle remittance processing, fund settlement, and foreign exchange operations. Dunamu, for its part, will provide the blockchain infrastructure through GIWA Chain and maintain the transaction record.
Lee Gye-in, President of POSCO International, noted that the agreement “establishes a foundation for medium- and long-term partnerships with leading companies in digital finance and digital assets.” The three firms committed to having a real-time blockchain remittance model operational before the year concludes.
