Hana Financial Group and Japan’s Sumitomo Mitsui Trust Group have recently renewed their partnership and announced a joint blockchain based project to develop new digital business. The project is aimed to expand the ties in asset and trust management, according to the Seoul-based holding company, and was announced last Friday at the time of the fifth anniversary of their partnership at the Hana Global Campus in Incheon’s Cheongna International City.

The executives of both organizations revealed the collaboration plans for the development of the infrastructure, global aviation financing, and human resource exchange. Hana group’s subsidiary, KEB Hana Bank, forged a strategic alliance with the Dutch company Arena Aviation Capital to facilitate commercial aircraft leasing and financing using blockchain, where the companies are now looking to launch these services in Japan.

In addition, Sumitomo Mitsui Trust will collaborate with Hana Financial to launch the Global Loyalty Network (GLN) digital platform in Japan by the end of this year, which will allow customers to perform digital transactions from anywhere around the globe by leveraging the decentralized blockchain system.

The system forms a global alliance of GLN across industries and allows access to robust local networks and infrastructure through blockchain based GLN. The users share benefits such as instant access to locally offered deals and discount offers worldwide while the system also enables the payment, transfer, exchange, redemption, and earnings of digital assets across borders.

Along with KEB Hana Bank, Hana Financial Investment has also pitched in the Hana-Sumitomo Mitsui alliance, with the Hana Financial Chairman Kim Jung-tai stating, “We will further use each other’s strength to expand our global reach.”

The partnership between the two financial groups began in December 2014 after their first agreement in investment banking. In February 2018, the conglomerates further strengthened the ties by creating a partnership to collaborate in financial technology and real estate investment management.

 

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