Hana Financial Group, Dunamu and POSCO International on April 29 signed a three-way memorandum of understanding to develop an overseas remittance service through the convergence of finance, industry and digital assets.

The goal is to combine Hana Financial's foreign-exchange network, POSCO International's global supply chain and Dunamu's blockchain technology to develop a blockchain-based real-time overseas remittance service and verify its effectiveness in an environment where funds actually move.

At the signing ceremony, Lee Eun-hyung (이은형), vice chairman of Hana Financial, said it would be an opportunity for digital assets, industry and finance to come together. He said the companies would create new value by commercialising the service.

Lee Kye-in (이계인), chief executive of POSCO International, said the companies had built a basis for cooperation in digital finance and digital assets. He said POSCO International would expand its role in the related ecosystem through the partnership.

Oh Kyung-seok (오경석), chief executive of Dunamu, said it would support the creation of a more efficient and transparent financial environment through the Giwa Chain technology.

The three companies plan to cooperate under the agreement in areas including building a blockchain-based overseas remittance service, improving efficiency in global cash management and payments, and identifying opportunities in digital finance businesses.

Hana Financial will push ahead with developing the overseas remittance service based on its global financial network, and POSCO International will provide trade proof-of-concept work and a testbed. Dunamu will support blockchain infrastructure and take charge of the technical foundation.

The three companies plan to proceed step by step with identifying joint projects based on digital assets, additional proof-of-concept testing and expanding into global markets.