Signed MOU with JPMorgan Coin Systems
Enables Real-Time Settlement of 40,000 Annual Trade Remittances
POSCO International has become the first Korean company to introduce a blockchain-based global payment system. By eliminating the complex international remittance process that involves intermediary banks, the company has established an innovative infrastructure capable of processing up to 40,000 trade remittances annually in real time.
On October 21, POSCO International (hereafter POSCO International) signed a memorandum of understanding (MOU) with JPMorgan Chase Bank's Seoul branch and JPMorgan Coin Systems for the introduction of a blockchain-based global payment system.
'Coin Systems Digital Payments' (hereafter Coin Systems), the blockchain network operated by JPMorgan Coin Systems, is a global payment platform that enables real-time settlement of trade payments between multinational corporations.
This case marks the first time a Korean company has applied blockchain payments to trade remittances. Through this agreement, POSCO International and JPMorgan Coin Systems have agreed to strengthen cooperation in the adoption of blockchain and digital asset technologies, the enhancement of trade finance efficiency, and the promotion of digital transformation (DX).
POSCO International, the largest general trading company in Korea, operates 128 overseas offices in 51 countries and handles approximately 40,000 overseas remittances annually. Traditional international remittances, which used to take one to two days through multiple intermediary banks, can now be completed within minutes by directly connecting senders and recipients via the Coin Systems payment network. The company expects that the real-time payment system will improve capital management efficiency and strengthen its trade finance risk management capabilities.
Recently, as major financial institutions in the United States and Europe accelerate the commercialization of blockchain payment networks, leading global commodity trading companies are also expanding the adoption of real-time trade payment platforms. In line with this trend, POSCO International plans to lead digital transformation in the financial sector by becoming the first in Korea to apply blockchain-based payments to trade remittances.
A POSCO International representative said, "Introducing blockchain-based payments is an important milestone in the digital transformation of trade finance," adding, "Recently, we have also been discussing with Japanese global banks ways to diversify payment and funding methods using stablecoins, thereby expanding the scope of global financial innovation."
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