2021-11-11
GLN International, a global easy payment subsidiary of Hana Bank, acquired a Payment Gateway (PG) license under the Electronic Financial Business Act from the Financial Services Commission as of the 1st of this month. Its first overseas service expansion destination is Singapore.
On the 11th, Han Jun-seong, CEO of GLN International, said, “GLN has shown service strengths centered on Southeast Asia,” adding, “We have been preparing to expand into Singapore, the U.S., and Australia, and after the launch of GLN International, we are entering Singapore as the next country for service expansion.”
GLN International plans to complete preparations by the end of this year to provide GLN services at Singapore Changi Airport. At ATM machines located in Changi Airport, users will be able to withdraw local Singapore dollars directly from their bank accounts using a QR code or barcode.
Normally, people exchange Korean won to U.S. dollars in Korea and then exchange again to Singapore dollars upon arrival in Singapore, but with GLN, direct exchange from an account is possible with lower fees. The company plans to expand ATM services to various areas within Singapore in the future.
GLN International is a fintech subsidiary spun off by Hana Bank to expand its Global Loyalty Network (GLN) business into global markets. Han Jun-seong, Vice President of Hana Bank’s Future Finance Group and considered a digital expert within Hana Financial Group, is serving as CEO and leading the company’s launch and business expansion.
As GLN services are now provided by GLN International rather than Hana Bank, GLN services can now be offered based on accounts across the broader financial sector, not only Hana Bank deposit accounts. This has laid the groundwork for building alliances and an ecosystem across Korea’s financial industry ahead of global easy payment competition.
CEO Han Jun-seong said, “Two commercial banks have tentatively agreed to participate in the business within this year,” and expressed expectations, saying, “Until now, only Hana Bank accounts were connected for use, but as more financial institutions participate, customers of various institutions will be able to conveniently use easy payment and remittance services at home and abroad without barriers.”
He added, “Until now, we have provided services in an in-app format, but we believe there is a need to provide payment/remittance services and region-specific content through a separate GLN dedicated app, so we are also preparing app development.”
GLN is preparing to expand collaboration not only with domestic financial institutions but also with overseas financial firms and fintech companies. It has already formed a strong network in Taiwan, Thailand, Japan, and Hong Kong, including collaboration with Yucho Bank (Japan Post Bank), which has the largest number of ATMs in Japan.
SecureLink designated as an 'Outstanding Corporate R&D Center in 2024'[SecureLink] Go directly to the newsroom>CEO Han Jun-seong said, “We are preparing to expand service areas by partnering with financial and fintech companies in countries where GLN has not yet entered,” adding, “We will strive to help the easy payment ecosystem pioneered by Korea lead the global market and grow into a Global Lifestyle Network (GLN) where both users and small business owners benefit.”
Reporter Bae Ok-jin withok@etnews.com
