Hana Financial Group and Hanwha Asset Management are teaming up with Abu Dhabi Global Market (Abu Dhabi Global Market, ADGM) to seek digital finance business opportunities such as stablecoins and cross-border payments and remittances.

Hana Financial Group said on Sept. 18 it signed a three-party memorandum of understanding (MOU) on Sept. 16 with ADGM and Hanwha Asset Management to cooperate on stablecoin business and cross-border financial infrastructure between South Korea and Abu Dhabi.

The three parties plan to review the feasibility of building financial infrastructure connecting South Korea and Abu Dhabi by leveraging each institution's finance and digital asset capabilities and global networks.

They will cooperate to identify business opportunities related to digital assets such as stablecoins and payment infrastructure, expand cross-border payment and remittance solutions, and foster an interoperable digital asset ecosystem.

The agreement focuses on the three parties jointly reviewing relevant business models and the feasibility of using infrastructure, rather than immediately issuing a stablecoin or launching payment services.

ADGM is an international financial centre established in Abu Dhabi in the United Arab Emirates (UAE) in 2015. It operates a financial ecosystem with participation from global financial firms, institutional investors, and fintech and digital asset companies.

It has in particular established a regulatory framework and institutional foundation for digital assets and is nurturing related industries as a strategic field. Hana Financial and Hanwha Asset Management plan to examine ways to connect digital finance businesses at home and abroad by using ADGM's systems and global network.

A Hana Financial Group official said, "This agreement is meaningful as a starting point for connecting Abu Dhabi, which is growing into a global digital finance hub, with South Korea's financial market," adding, "We will continue to identify cooperation models in digital assets and cross-border finance."