Hana Financial Convergence Institute Wins Grand Prize at the 8th Financial Security Institute Paper Contest

▲ Kim Cheol-ung, President of the Financial Security Institute (third from the left), and Kim Min-hee, Head of the Advanced AI Lab at Hana Financial Convergence Technology Institute (fifth from the left), are taking a commemorative photo with employees of the Hana Financial Convergence Technology Institute at the awards ceremony of the 8th Financial Security Institute Thesis Contest.

Hana Financial Convergence Technology Institute announced on the 8th that it won the grand prize at the '8th Financial Security Institute Paper Contest.'

Hana Financial Convergence Technology Institute is an in-house independent company (CIC·Company In Company) of Hana Financial TI.

The Advanced AI Lab of Hana Financial Convergence Technology Institute was honored with the grand prize for a paper titled "Design and Implementation of a Secure Token Protocol between Institutional CBDC Distributed Ledger and External Distributed Ledger."

This paper proposed a method to safely and freely exchange data and tokens between Central Bank Digital Currency (CBDC) and various blockchain systems, implementing a way to enhance the efficiency of financial transactions, which received high praise from the judges.

In particular, the ‘CBDC Bridge Protocol’ proposed in this study provides an important foundation that can establish itself as a new payment technology in the financial sector. This protocol eliminates single points of failure even if a specific server encounters issues during international remittance, allowing the payment system to continue operating without interruption.

Such high compatibility and business continuity between different systems are expected to significantly improve stability and efficiency in international payments, such as overseas remittances or large-scale fund transfers between multinational corporations. Additionally, it is anticipated to be utilized as a security guideline when central banks introduce CBDC.

Hana Financial Convergence Technology Institute is actively conducting research and development in collaboration with Hana Financial TI’s Digital Business Division in the blockchain field, including various token exchange technology research and the development of secure blockchain key management solutions. Through this, they plan to secure blockchain technology suitable for the financial sector and strengthen the technical foundation for efficient operation of digital assets.

Kim Min-hee, head of the Advanced AI Lab at Hana Financial Convergence Technology Institute, said, "For blockchain technology to be effectively utilized in the financial sector, interoperability as well as compatibility with existing financial systems are essential," adding, "Based on this research, we will continue to strive to present a safer and more reliable digital asset management solution model."

Meanwhile, Hana Financial Convergence Technology Institute applies its core technologies such as AI, big data, blockchain, and UX, developed in-house, to Hana Bank’s AI asset management service ‘iWealth,’ AI pension investment solutions, AI chatbot/callbot services, providing differentiated digital financial services to Hana Bank customers.