South Korean financial and trading giants have partnered with blockchain developer Dunamu to build a blockchain remittance platform for corporate cross-border transactions, as reported by The Korea Herald.
Hana Financial Group, Posco International and Dunamu signed a MoU on 29 April to develop the real-time settlement system.
The partners plan to launch the platform later this year, with initial use focused on processing Posco International’s overseas fund transfers.
The trading company currently handles about 40,000 overseas remittances annually across 51 countries. Posco will use this global supply chain to test the system’s viability for large-scale corporate trade operations.
Hana Financial Group will manage the financial infrastructure, overseeing remittance management, fund settlement and payment execution.
Dunamu will provide the underlying distributed ledger technology through its Giwa Chain platform, managing the recording and verification of transaction data.
The partners recently completed a proof of concept to test the security and reliability of Giwa Chain for handling sensitive financial data before formalising the agreement.
“This partnership establishes a medium to long-term foundation with leading domestic players in digital finance and digital assets,”
said Lee Kye-in, President, Posco International.
Featured image credit: Edited by Fintech News Hong Kong, based on image by freepik via Magnific