TLDR
- Dunamu is testing blockchain remittances with Hana Financial and POSCO International.
- The trial uses real trade transactions instead of only retail remittance flows.
- GIWA Chain is being used to combine payment messaging and settlement.
- The project targets faster cross border payments from South Korea.
- SWIFT remains the main global network for bank payment messages.
South Korea is testing crypto rails for cross border payments as Dunamu works with Hana Financial and POSCO International on blockchain remittances tied to trade. The project uses real transactions to test whether payment messages and settlement can move together on the GIWA Chain. The trial places digital rails against SWIFT processes used in global commerce today and raises questions on scale.
South Korea Tests Blockchain Payments in Trade
Dunamu, the operator of Upbit, is working with Hana Financial and POSCO International on a blockchain based remittance test. The test is linked to trade transactions, which makes it different from many earlier retail payment trials. The project is being carried out under a memorandum of understanding. It aims to test whether blockchain rails can support cross border payments in a trade setting.
The companies are using GIWA Chain for the payment flow. The main target is the separation between payment messages and settlement. In the current correspondent banking model, messages often move through SWIFT, while money settlement happens through other bank channels. This can add time and cost.
The South Korea crypto rails test is focused on combining both steps. Payment data and settlement can be processed in one blockchain based flow. The model is designed to reduce delays between instruction and final movement of value.
Dunamu Targets Faster Cross Border Payments
Dunamu is entering the test through its blockchain and digital asset experience. Hana Financial brings banking access and payment knowledge. POSCO International adds trade activity, which gives the test a business use case.
The use of real trade transactions is important for the test design. Trade payments often involve banks, exporters, importers, currencies and compliance checks. A live trade setting can show how a blockchain system works beyond simple transfers.
The companies are testing how payment routing can work across rails and currencies. This is a key issue for any blockchain payment network. A system must handle settlement, checks, records and bank links before it can scale. SWIFT is not a settlement system by itself. It is mainly used for secure financial messages between banks. The test is aimed at reducing the gap between message delivery and final settlement.
GIWA Chain Trial Tests a New Payment Flow
GIWA Chain is being used as the base rail for the trial. The blockchain setup is designed to record payment data and settlement activity in a shared process. This can support faster tracking across the payment chain. The test does not mean SWIFT will be replaced at once. SWIFT has wide global bank coverage and long used compliance standards.
Any new rail must prove trust, scale and regulatory fit before wider use. The trial shows how South Korea is testing crypto infrastructure in business payments. It also shows a move from pilot use cases toward trade based payment testing. The result will depend on cost, speed, reliability and bank adoption.
For now, the project is a real world utility test for blockchain payments. It places Dunamu, Hana Financial and POSCO International inside a wider shift toward faster cross border payment systems. The market will watch how the system performs as transaction use expands.
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