Hana Financial Group Chairman Ham Young-joo (right) poses with Dunamu Vice Chairman Kim Hyeong-nyeon after signing a strategic partnership at Hana Financial Group's Myeong-dong headquarters in May. [Hana Financial Group]
Hana Financial Group Chairman Ham Young-joo (right) poses with Dunamu Vice Chairman Kim Hyeong-nyeon after signing a strategic partnership at Hana Financial Group's Myeong-dong headquarters in May. [Hana Financial Group]

Hana Financial Group is pressing ahead with its strategic collaboration with Dunamu to expand its digital asset business, holding a partnership meeting last month to reaffirm both sides' commitment to working together.

According to financial industry sources Tuesday, Hana Financial Group held a closed-door meeting with Dunamu in June with senior executives from both companies in attendance.

Hana Financial Group Chairman Ham Young-joo, Vice Chairman Lee Eun-hyeong and Dunamu Vice Chairman Kim Hyeong-nyeon were among the senior officials who gathered under the theme "Time Together, Future Together, Opening the Future of Digital Finance Together" to discuss the significance of their strategic alliance.

In May, Hana Bank, a core affiliate of Hana Financial Group, announced it would acquire a stake in Dunamu — the operator of virtual asset exchange Upbit — for about 1 trillion won ($674 million). The acquisition made Hana Bank Dunamu's fourth-largest shareholder, with a 6.6 percent stake.

Once the corporate virtual asset market opens, the two sides are expected to jointly develop linked financial products and launch co-marketing initiatives.

Earlier, Hana Financial Group and Dunamu jointly completed a proof of concept for an overseas remittance service using blockchain technology. Hana Financial plans to build on the PoC to expand into a deposit-token-based foreign remittance infrastructure by the third quarter of this year.

The PoC replaced the conventional SWIFT messaging system used in foreign currency transfers between Hana Bank's domestic and overseas branches with blockchain-based messages running on Dunamu's "GIWA Chain" network. It also marks the first tangible outcome of a joint development MOU on blockchain-based global financial services the two companies signed in December last year.

Results showed that using the blockchain network significantly reduced processing time and costs compared with the conventional SWIFT system. The technology also demonstrated stability in key compliance areas required for foreign exchange transactions, including anti-money laundering and know-your-customer controls.


forest@heraldcorp.com