Hana Financial, Lambda256 to Develop Blockchain Cross-Border Payments System

Hana Financial Group is working with Lambda256, a blockchain company under Dunamu, to build a blockchain-based cross-border remittance and payments system.

Hana Financial recently started the project with Lambda256, Herald Business reported on Aug. 6.

In May, Hana Financial acquired a 6.55% stake in Dunamu for about $723 million, making it the company's fourth-largest shareholder. Hana Financial and Dunamu also held a private executive meeting in July to discuss future cooperation.

A cross-border remittance and payments business combining Hana Financial's foreign-exchange capabilities with Dunamu's blockchain technology was discussed at the time as a key area of cooperation. The collaboration with Lambda256 is part of the broader partnership between the two companies.

Ham Young-joo, chairman of Hana Financial Group, earlier identified stablecoins as a major new business area for this year. In his New Year's message, Ham said the group should become "a market architect that takes the lead in designing a complete ecosystem spanning stablecoin issuance, distribution, use and recirculation."