Dunamu, Hana and POSCO to Pilot Live GIWA Chain Remittances

Dunamu, Hana Financial Group and POSCO International signed a trilateral memorandum of understanding in Seoul to run a live pilot of a blockchain-based remittance system using Dunamu’s GIWA Chain. The agreement was signed at Hana Financial Group’s headquarters on Tuesday and announced the following day. POSCO International will serve as the first real-world test case and will use actual trade flows for the pilot.

The deal follows an earlier proof-of-concept carried out by Hana and Dunamu that replaced SWIFT’s messaging layer with the GIWA Chain for cross-border payment instructions. That PoC showed shorter settlement times and lower costs compared with the traditional SWIFT framework.

Under the new MoU, POSCO International’s trading arm will process business applications on live trades to validate end-to-end transaction flows. Hana Financial Group will handle remittance processing, fund settlement and foreign-exchange operations for the pilot. Dunamu will provide and operate the GIWA Chain ledger and record transactions on the blockchain.

Traditional cross-border payments separate the payment instruction from the actual movement of funds, a two-step process that can delay settlement and add correspondent bank fees. The blockchain setup combines the instruction and settlement into a single, near-real-time process intended to speed transfers and reduce intermediary costs. The partners plan to develop a working model for real-time blockchain remittances before the end of the year.

Lee Gye-in, president of POSCO International, described the agreement as “a foundation for mid-to-long-term partnerships with leading domestic companies in digital finance and digital assets.” The companies did not disclose the number of test transactions or the countries that will be included in the pilot.

POSCO International has previously used blockchain for other transactions, including issuing foreign currency digital bonds worth about 140 billion won with HSBC and launching a blockchain-enabled global payment system with a major bank last year. Other South Korean firms and financial institutions have also tested blockchain for cross-border payments and financing.

The MoU outlines roles for each participant but does not include public regulatory filings. The partners will need to coordinate further with banks and compliance teams as the live tests expand and said they will report progress after completing initial rounds of live transaction testing.