Hana Financial Group and Dunamu Build Blockchain Payment and Settlement Rails

What happens when one of Korea's leading banking groups decides that the future of money will not run on yesterday's rails?

Hana Financial Group and Dunamu, operator of the cryptocurrency exchange Upbit, are betting that blockchain-based remittance systems and stablecoins will quietly reshape how value moves across borders, how customers interact with financial services, and how incumbents compete in a Web3 world.

From payment infrastructure to programmable financial rails

Under a new memorandum of understanding, Hana Financial Group and Dunamu are co-developing next-generation payment infrastructure and settlement systems using blockchain technology. Their first priority: a blockchain-based remittance system for overseas money transfers between Hana Bank's headquarters and its global branches and subsidiaries, targeted for launch in the first quarter of 2026.

In practical terms, this means:

• Using blockchain infrastructure and account information on a distributed ledger to handle cross-border transfers and payment processing
• Making international payments simpler, faster and more secure than existing correspondent banking models
• Providing a foundation for broader digital payments and digital currency use cases across Hana's global network

The initiative is not just about cheaper overseas money transfers; it is about rebuilding financial rails to support the next era of financial innovation and Web3 finance.

Traditional banking meets crypto ecosystem

The strategic logic is clear:

• Hana Financial Group brings global reach, regulatory experience, and deep foreign-currency operations across banking, cards, and securities.
• Dunamu, through Upbit, one of the world's largest cryptocurrency exchanges, contributes battle-tested blockchain technology, crypto ecosystem expertise, and its self-developed Giwa Chain.

Dunamu will provide Hana with Giwa Chain and related technical know-how, enabling:

• Integration of blockchain into Hana's foreign-exchange and settlement system workflows
• Expansion of blockchain-enabled services into Hana Money, the group's membership and rewards platform
• Future digital asset management and Web3-enabled financial services that can span everything from retail payments to capital markets and asset management use cases

In parallel, Dunamu is reshaping the Korean fintech and crypto ecosystem more broadly, including a planned merger with Naver Financial and the recent unveiling of Giwa Chain to anchor a domestic blockchain infrastructure stack.

Stablecoins as the tipping point for blockchain adoption

Hana Financial Group Vice Chair Lee Eun-hyung describes this as a "pivotal moment for future finance," pointing to two converging forces:

• The commercialization of blockchain technology
• The institutionalization and potential legislation of stablecoins

Dunamu CEO Oh Kyoung-suk underscores the point: as stablecoins become commercialized, the blockchain infrastructure that powers them will shift from edge use case to mainstream financial plumbing. In that world:

• Payment infrastructure moves from batch-based, closed networks to real-time, programmable Web3-based models
• Digital payments, overseas money transfers, and even capital markets transactions can settle on-chain
• Banks that merely "integrate crypto" will lag behind banks that actively design and operate new financial rails

For executives, the strategic question becomes: are you treating stablecoins and blockchain as a product feature, or as a new operating system for your entire settlement system?

Thought-provoking concepts worth sharing with business leaders

Here are the deeper ideas behind this partnership that are worth circulating in the boardroom and among strategy teams:

1. Remittances are just the beachhead, not the endgame
   A blockchain-based remittance system is a visible, high-value use case—but the same rails can support on-chain trade finance, treasury operations, cross-entity liquidity management, and real-time reconciliation across global subsidiaries.

2. Payment infrastructure is becoming a strategic asset, not a utility
   In a world of instant digital payments, the institution that controls, operates, or co-owns the underlying blockchain infrastructure and financial rails will shape standards, data flows, and economics across the crypto ecosystem and traditional finance.

3. Stablecoins may compress fees—and expand business models
   Widespread stablecoin adoption can erode margins on traditional cross-border transfers and payment processing, but it also opens new revenue lines in digital asset management, programmable cash management, and embedded finance for corporates.

4. Web3 finance will blur the line between bank, exchange, and platform
   As Web3-based models take hold, the distinctions between a bank, a cryptocurrency exchange, and a fintech platform start to fade. Partnerships like Hana–Dunamu show how incumbents can become orchestrators of a broader digital currency and crypto ecosystem rather than just service providers within it.

5. Membership platforms could become financial super-apps
   Upgrading Hana Money with blockchain technology and Giwa Chain capabilities hints at a future where loyalty, identity, payments, and investments run on a unified, token-aware layer—turning a "membership platform" into a programmable financial hub.

6. Technical validation and regulatory alignment are now parallel tracks
   The phased rollout—starting with internal transfers, then expanding as technical validation and regulatory conditions evolve—reflects a new implementation pattern: test on your own balance sheet first, then scale to customers and partners.

7. Web3-native infrastructure is becoming a competitive moat
   Owning or co-developing platforms like Giwa Chain offers more than cost efficiencies; it provides data visibility, innovation flexibility, and bargaining power that pure "API integration" with third-party chains cannot match.

8. Crypto risk is shifting from "if" to "how well you manage it"
   As regulators in Korea push for bank-level standards for crypto exchanges, including liability and security, the winning institutions will be those that treat blockchain adoption not as regulatory arbitrage, but as an opportunity to harden trust, resilience, and compliance.

A strategic lens for your own roadmap

If you are leading a traditional financial institution or a large platform business, this Hana–Dunamu collaboration offers a playbook and a provocation:

• What is your equivalent of a blockchain-based remittance system—a focused use case that justifies investment, but can evolve into a broader financial technology stack?
• Which partners in the crypto ecosystem can provide not just connectivity, but foundational blockchain infrastructure aligned with your regulatory and risk posture?
• How will your payment infrastructure, settlement system, and customer-facing platforms evolve when Web3 finance moves from experiment to expectation?

Sharing and debating these questions internally can be more valuable than any single product announcement—because they force you to decide whether you will simply adapt to the next generation of financial rails, or help design them.

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What is the Hana Financial Group–Dunamu agreement?

They signed a memorandum of understanding to co-develop blockchain-based payment infrastructure and settlement systems. The immediate focus is a blockchain-based remittance system for overseas transfers between Hana Bank's headquarters and its global branches, leveraging Dunamu's Giwa Chain and technical expertise. This partnership represents a significant step toward modernizing financial infrastructure through automation.

What is the planned blockchain-based remittance system?

A distributed-ledger system that stores account information and processes cross-border payments on-chain to enable faster, simpler, and more secure international transfers than traditional correspondent banking. The project targets an initial launch in the first quarter of 2026 for intra-group and branch transfers, with phased expansion. Organizations implementing similar workflow automation strategies often see significant efficiency improvements.

How will Giwa Chain be used in this collaboration?

Dunamu will provide Giwa Chain and implementation know‑how to integrate blockchain into Hana's FX and settlement workflows, enable on-chain reconciliation, and extend token-aware services into Hana Money and other customer-facing platforms. This integration approach mirrors successful Zoho Flow automation strategies that connect disparate business systems seamlessly.

How does on-chain remittance compare to correspondent banking?

On‑chain remittance can deliver near‑real‑time settlement, deterministic reconciliation, reduced intermediaries and fees, and improved auditability. It removes many batch and messaging frictions of correspondent models, though it adds new operational, custody, and regulatory considerations. Financial institutions exploring these transformations often benefit from comprehensive security and compliance frameworks.

What role do stablecoins play in this initiative?

Stablecoins are seen as the settlement medium that makes blockchain rails practical for everyday finance. As stablecoin commercialization and potential legislation progress, they can enable low‑friction on‑chain settlement, compress cross‑border fees, and unlock programmable cash use cases across payments, treasury, and capital markets. This evolution parallels how AI automation is reshaping business competencies across industries.

Who benefits from this shift to blockchain-based rails?

Consumers and corporates can gain faster, cheaper cross‑border payments and better reconciliation. Banks benefit from lower operational costs, new product opportunities (programmable cash, embedded finance), and competitive positioning. Exchanges and fintechs gain integration points and expanded service offerings. Similar benefits are achievable through Make.com automation platforms that streamline business processes.

What are the main regulatory and risk considerations?

Key issues include stablecoin regulation, AML/KYC and sanctions compliance, custody and operational security, legal liability for exchanges, prudential treatment of on‑chain settlement, and data governance. The partners plan technical validation and phased rollouts to align with regulatory expectations. Organizations navigating similar compliance challenges often leverage SOC2 compliance frameworks to ensure robust security standards.

How might this affect banks' revenue and business models?

Stablecoin settlement could compress margins on traditional cross‑border fees, but open new revenue streams in digital asset management, programmable cash, treasury services, and embedded finance. Banks that own or co‑operate rails can capture platform economics and data advantages versus those that only integrate externally. This transformation mirrors how SaaS business models have revolutionized software delivery and customer relationships.

Will this initiative change the roles of banks, exchanges, and platforms?

Yes. Web3 finance blurs boundaries—banks can become orchestrators of digital rails, exchanges provide infrastructure and liquidity, and platform or membership services (like Hana Money) can evolve into financial super‑apps combining loyalty, payments, identity, and investments on a token‑aware layer. This convergence reflects broader trends in digital transformation across industries.

What is the planned timeline and rollout approach?

The partners target a remittance launch in Q1 2026, starting with internal and intra‑group transfers for technical validation and regulatory alignment, then expanding services to customers and partners as conditions permit. This phased approach aligns with proven startup methodologies for scaling complex technology implementations.

How should other financial institutions respond?

Identify a focused, high‑value use case (like remittances or treasury liquidity) to justify investment; evaluate partners that offer deeper infrastructure (not just API connectivity); run balance‑sheet pilots; design governance and compliance from day one; and decide whether to co‑own rails or remain a consumer of them. Success requires understanding customer success principles in the AI economy and implementing comprehensive GTM strategies.

Could on-chain rails be used beyond remittances?

Yes. The same rails can support on‑chain trade finance, real‑time treasury operations, cross‑entity liquidity management, capital markets settlement, tokenized assets, and unified loyalty/investment platforms—turning a single pilot into a broader financial technology stack. This scalability mirrors how hyperautomation platforms can transform entire business ecosystems beyond their initial use cases.