Hana Financial Group and Dunamu, operator of crypto exchange Upbit, agreed to jointly develop blockchain-enabled financial services as major Korean players accelerate their push into next-generation payment and settlement infrastructure.
The companies said Thursday they signed a memorandum of understanding to collaborate on building new financial rails using blockchain. The partnership will cover the development of an overseas remittance system, the introduction of new technology across Hana’s foreign-currency operations and the advancement of the group’s membership platform, Hana Money.
Dunamu will also provide Hana with its proprietary Giwa Chain and related technical expertise.
The firms aim to roll out the blockchain-based remittance process in the first quarter of 2026, starting with transfers between Hana Bank’s headquarters and its overseas branches and subsidiaries, with phased expansion to follow as technical validation and regulatory conditions evolve.
The agreement was signed Wednesday, at a ceremony attended by Hana Financial Group Vice Chair Lee Eun-hyung and Dunamu CEO Oh Kyoung-suk.
“We are entering a pivotal moment for future finance, with the commercialization of blockchain technology nearing and the institutionalization of stablecoins on the horizon,” Lee said, adding the partnership will strengthen both firms’ competitiveness globally and help deliver stronger customer solutions.
Oh highlighted the growing importance of stablecoins, a key force driving changes across the domestic financial industry. “Once stablecoins become commercialized, the blockchain infrastructure that supports them will become mainstream," he said. "Such change will push existing financial services from payments to asset management and capital markets toward Web3-based models."
Meanwhile, Dunamu, operator of the world’s fourth-largest crypto exchange, has been stepping up efforts to reshape the local crypto landscape. It recently agreed to merge with online payments firm Naver Financial and in September unveiled Giwa Chain, its first self-developed blockchain, which it aims to use to take a leading role in building the domestic blockchain ecosystem.
jwc@heraldcorp.com
