Hana Financial, POSCO International and Dunamu have moved their blockchain-based remittance system into live trade transactions following a trilateral agreement signed in Seoul.
The rollout follows a successful proof-of-concept earlier this year showing the system could cut settlement times and costs by replacing SWIFT-based messaging with blockchain infrastructure.
“We have established a foundation for mid-to-long-term partnerships with leading domestic companies in the fields of digital finance and digital assets,”
Said POSCO International president, Lee Gye-in.
The agreement enables real transaction testing for the first time, with POSCO International handling fund flows while Hana manages settlement and foreign exchange and Dunamu provides the GIWA Chain infrastructure.
Traditional cross-border payments separate messaging and fund transfers, whereas the blockchain system integrates both into a single real-time process that improves speed and efficiency.
The initiative builds on POSCO International’s broader digital finance strategy, including a 140 billion won blockchain-based foreign currency bond issuance with HSBC and a prior blockchain payment system developed with JP Morgan.
South Korea’s wider push into blockchain remittances also includes efforts by Kbank and Ripple to test similar cross-border payment systems, reflecting growing institutional adoption of distributed ledger technology.