Dunamu, Hana Financial, POSCO International Sign MOU on GIWA-Based Financial Infrastructure

Dunamu said on April 29 that it signed a memorandum of understanding with Hana Financial Group and POSCO International to collaborate on convergence across finance, digital assets and industry.

The partnership focuses on building payment and settlement infrastructure for use in real-world financial and trade environments based on Dunamu’s layer-2 blockchain, GIWA Chain. The companies aim to link Hana Financial’s foreign-exchange network with POSCO International’s global supply chain and expand existing financial systems onto an on-chain framework.

The three companies will pursue infrastructure for real-time cross-border remittances, as well as more efficient global cash management and payment services using GIWA Chain. They also plan to work together to identify new business opportunities in digital finance.

The partners will also carry out technical verification of a shift in message processing from the existing Society for Worldwide Interbank Financial Telecommunication, or SWIFT, network to a blockchain-based structure. They plan to use POSCO International’s trade data in an on-chain environment to improve transparency and processing efficiency in business-to-business settlement.

Dunamu Chief Executive Officer Oh Kyung-seok said he expects GIWA Chain’s technology to help form the foundation for a more efficient and transparent on-chain financial environment. Dunamu will provide the technical support for changes blockchain could bring to the future of finance, he added.

Lee Eun-hyung, vice chairman of Hana Financial Group, said the agreement marks an important turning point in bringing together digital assets, traditional industry and finance. Commercialization of the services will deliver new value to participants across the industrial ecosystem, he said.

Lee Kye-in, chief executive officer of POSCO International, said the deal laid the groundwork for a mid- to long-term partnership with leading South Korean companies in digital finance and digital assets. The three companies will expand their role in the digital finance ecosystem through the collaboration, he said.