Hana Financial Partners with Dunamu, Naver in Won Stablecoin Race
Hana Financial Group (086790.KS) is teaming up with Dunamu, the operator of Korea's largest cryptocurrency exchange Upbit, to develop blockchain-based financial services. Given Dunamu's upcoming merger with Naver Financial, analysts suggest this could evolve into a strategic alliance among Naver, Dunamu, and Hana Financial in the won-denominated stablecoin market. Unlike the Kakao alliance, which includes internet bank KakaoBank, neither Naver nor Dunamu currently has a banking arm.
Hana Financial Group announced Wednesday that it signed a memorandum of understanding with Dunamu for joint development of financial services utilizing blockchain technology.
The two sides agreed to cooperate on building blockchain-based overseas remittance processes, introducing new technologies across foreign exchange operations, and enhancing services related to Hana Money.
"The goal is to connect Dunamu's blockchain technology with Hana Financial Group's global network to drive a major transformation toward future finance and gain momentum to preempt global markets," Hana Financial said.
To achieve this, the partners will first apply blockchain technology to overseas remittances. The system allows senders and recipients to transfer funds through remittance information recorded on a blockchain ledger—effectively a stablecoin-based collaboration. Hana Financial expects this approach to dramatically reduce time and costs compared to conventional methods, benefiting personal international transfers as well as export-import and trade settlements.
The company plans to introduce blockchain-powered services between Hana Bank's headquarters and its overseas subsidiaries and branches as early as the first quarter of next year, then gradually expand infrastructure and systems in line with technology verification and policy changes.
"This appears to be aimed at won stablecoin cooperation," an industry official said. "With won stablecoin issuance shaping up around bank-centered consortiums, Naver and Dunamu will inevitably need a major bank partner."
Lee Eun-hyung, Vice Chairman of Hana Financial, said, "With stablecoin institutionalization approaching, now is a crucial moment when a new chapter in future finance is opening. Hana Financial and Dunamu have joined forces to seize this opportunity."
Oh Kyung-suk, CEO of Dunamu, added, "Once stablecoins are commercialized, blockchain infrastructure such as chains and wallets to support them will become widespread."
Banks and fintech and cryptocurrency firms are currently preparing to form consortiums ahead of won stablecoin adoption. Stablecoin operations require three elements—platforms, payments, and custody—and unlike rival Kakao Group, Dunamu and Naver have not secured a banking partner. Conversely, Hana Financial, which has the weakest retail customer base among Korea's four major financial groups, could significantly expand its customer reach by partnering with Dunamu, which operates market-leading Upbit.
Given these dynamics, cooperation between Hana Financial and Naver-Dunamu is likely to deepen further, analysts predict.
"With bank-centered consortium formation becoming certain, cooperation with major commercial banks is not optional but essential," a cryptocurrency industry official said. "Hana Financial has strengths in overseas remittances, a primary use case for stablecoins, given its acquisition of Korea Exchange Bank, making it a potential key partner."
The close relationship between Dunamu and Hana Financial has been building since last year. Upbit became the first in the financial sector to adopt Hana Bank's "Hana Certificate" as a two-channel authentication method last year. In July, Dunamu Vice Chairman Kim Hyung-nyun and Hana Financial Vice Chairman Lee Eun-hyung visited Vietnam together to meet Prime Minister Pham Minh Chinh and discuss cryptocurrency-related cooperation. The two also met with senior officials from Tether, the issuer of dollar stablecoin USDT, in September.
Recently, Hana Bank's mobile banking app "Hana 1Q" added a cryptocurrency price lookup feature provided by Upbit. Beyond won stablecoins, the industry is also watching for potential real-name account partnerships.
"The behind-the-scenes alliance-building ahead of won stablecoin adoption is gradually coming to light," a financial industry official said. "Hana Financial has been considered a relative latecomer in the stablecoin business, but through its partnership with industry-leading Dunamu, it could rapidly boost its competitiveness."