faster, cheaper payment system directly improves margins
In Seoul, three pillars of South Korean commerce — a major bank, a global trading house, and a cryptocurrency infrastructure firm — have joined hands to reimagine how money crosses borders. Their agreement reflects a quiet but consequential shift: the long-dominant SWIFT system, built for another era, is now being measured against blockchain alternatives by institutions with the scale to make those alternatives real. What was once the domain of fintech startups is becoming the strategic terrain of industrial giants.
- The decades-old SWIFT system faces a credible institutional challenge as Hana Financial, POSCO International, and Dunamu formally commit to replacing it with blockchain-based remittance infrastructure.
- Corporate clients moving money across borders bear the immediate burden this partnership aims to relieve — slower transfers and higher costs that blockchain settlement could dramatically reduce.
- A February proof-of-concept between Hana Bank and Dunamu's GIWA Chain already demonstrated the technology works across live bank branches, giving the new three-way agreement a foundation in proven results rather than speculation.
- POSCO International will serve as a live testing environment, running the system through actual trade operations to stress-test performance under real business conditions.
- The partnership is moving toward commercialization, with ambitions extending beyond remittances into global cash management, payment infrastructure upgrades, and broader digital finance opportunities.
Three of South Korea's largest companies signed a memorandum of understanding on Wednesday to build a blockchain-based cross-border payment system, gathering executives from Hana Financial Group, POSCO International, and Dunamu at Hana's Seoul headquarters. The agreement unites complementary strengths: Hana's global foreign exchange network, POSCO International's worldwide trading operations, and Dunamu's GIWA Chain blockchain platform — the technical infrastructure behind South Korea's largest cryptocurrency exchange, Upbit.
The partnership's immediate target is corporate remittances, where existing systems are slow and costly. POSCO International will apply the technology directly to its own trade operations, generating real-world performance data rather than relying on controlled simulations. Dunamu's GIWA Chain is designed to handle high transaction volumes while preserving privacy — qualities essential for institutional adoption.
The groundwork was already laid. In February, Hana Financial and Dunamu completed a proof-of-concept that successfully substituted GIWA Chain for SWIFT messaging across Hana Bank branches, proving the concept in practice. The new three-way agreement scales that experiment into a broader commercial ambition.
Beyond remittances, the companies plan to explore global cash management improvements, payment infrastructure modernization, and other digital finance applications. Each executive framed the deal as a long-term commitment: a convergence of traditional finance, industrial trade, and digital asset infrastructure. What distinguishes this effort is not the novelty of blockchain remittance technology, but the institutional weight behind it — a signal that South Korea's financial and industrial establishment is prepared to build the next era of cross-border payments on digital asset rails.
Three of South Korea's largest companies announced a partnership on Wednesday to build a blockchain-based system for moving money across borders faster and cheaper than existing methods. Hana Financial Group, POSCO International, and Dunamu signed a memorandum of understanding at Hana's Seoul headquarters, with executives from each company present: Lee Eun-hyung, vice chairman of Hana Financial; Lee Kye-in, CEO of POSCO International; and Oh Kyoung-suk, CEO of Dunamu.
The collaboration brings together three distinct strengths. Hana Financial operates an established global network of foreign exchange channels. POSCO International runs trading and supply chain operations across the world. Dunamu operates Upbit, South Korea's largest cryptocurrency exchange, and has developed its own blockchain infrastructure called GIWA Chain. Together, they plan to test real-time cross-border transfers that could eventually replace the decades-old SWIFT system that banks have relied on for international payments.
The immediate focus is corporate clients. Hana Financial wants to use its global reach to offer blockchain-based remittance services that cut both the time and cost of moving money internationally. POSCO International will serve as a testing ground, applying the system to its own trade operations to generate real-world data on how the technology performs under actual business conditions. Dunamu will provide the technical backbone—the GIWA Chain platform is built to handle high transaction volumes while maintaining privacy protections.
This partnership is not entirely new ground. In February, Hana Financial and Dunamu had already completed a proof-of-concept project together, one that successfully replaced SWIFT messaging with the GIWA Chain across branches of Hana Bank. That pilot demonstrated the technology could work in practice, not just in theory. The new three-way agreement expands that experiment into something larger and more ambitious.
The companies also plan to work on broader initiatives beyond simple remittances: improving how corporations manage cash globally, upgrading payment infrastructure, and identifying other digital finance opportunities that blockchain might unlock. Lee Eun-hyung, Hana's vice chairman, framed the deal as a step toward merging digital assets with traditional finance and industry. Lee Kye-in of POSCO International called it groundwork for a long-term partnership in digital finance. Dunamu's CEO expressed hope that the company's blockchain technology would help create a more efficient and transparent financial environment.
What makes this significant is not the technology itself—blockchain remittance systems exist elsewhere—but the fact that a major traditional bank, a global trading company, and a cryptocurrency infrastructure operator are now betting together that this is the future of cross-border payments. If the partnership succeeds in moving from testing to commercialization, it could reshape how companies move money internationally, and it signals that South Korea's financial and industrial sectors are willing to build that future on digital asset infrastructure.
Notable Quotes
The latest partnership marks a meaningful step toward integrating digital assets with financial and industrial sectors. We aim to commercialize the service and deliver tangible value to the market.— Lee Eun-hyung, vice chairman of Hana Financial Group
The agreement lays the groundwork for a long-term partnership in digital finance and digital assets.— Lee Kye-in, CEO of POSCO International
The Hearth Conversation Another angle on the story
Why does a trading company like POSCO International need to be part of a remittance system? Aren't they just moving goods, not money?
They move both. When you're trading globally, you're constantly settling payments across borders—paying suppliers in one country, getting paid in another. A faster, cheaper payment system directly improves their margins and cash flow. They're also the perfect test case because their transactions are real and high-volume.
So this isn't really about helping migrant workers send money home?
Not primarily, no. The source material focuses on corporate clients and global cash management. That's a different market than remittances for individuals. Though the technology could eventually serve both.
What's the GIWA Chain, and why does it matter that they used it instead of SWIFT?
GIWA Chain is Dunamu's proprietary blockchain platform. SWIFT has been the standard for international bank messaging for fifty years—it's slow, expensive, and controlled by a consortium. A blockchain alternative can settle transactions in minutes instead of days and costs less. The February pilot proved it could actually replace SWIFT in a real bank's operations.
Is this a threat to SWIFT, or just a niche experiment?
Right now it's still experimental. But if Hana, POSCO, and Dunamu can commercialize this and other companies adopt it, yes, it becomes a real alternative. SWIFT isn't going anywhere overnight, but this is the kind of partnership that could eventually erode its dominance.
Why would a traditional bank trust a cryptocurrency exchange's technology?
Because Dunamu has built something that works at scale. Upbit is South Korea's largest crypto exchange—it handles enormous transaction volumes reliably. That track record matters more than the company's origins. And Hana already tested it successfully in February.