Hana Financial joins tech consortium

Hana Financial Group said Sunday that it has joined notable financial companies in a consortium to apply and standarize innovative financial technologies.

The “R3 CEV” group consists of 43 financial conglomerates, including Citigroup, Bank of America, JP Morgan Chase, Goldman Sachs and UBS.

Hana Financial will be participating in this group to apply emerging blockchain technology into services such as global transactions and security protection. Blockchain enables storage of financial information and records in distributed databases, instead of in central databases. This can prevent hacking and manipulation, according to Hana Financial.

“Hana Financial will use blockchain technology in an effort to further map out its global expansion strategy,” Hana Financial said in a press statement.

By Park Hyong-ki (hkp@heraldcorp.com)