GLN Enables Instant Cross-border Digital Remittances to All Domestic Bank Accounts in Korea

APAC - English

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Aug 25, 2023, 02:38 ET

SEOUL, South Korea, Aug. 25, 2023 /PRNewswire/ -- GLN International, a subsidiary of Hana Bank, (GLN) has recently announced the launch of cross-border remittance service; offering instant, secure, and inexpensive money transfers from abroad to all domestic bank accounts in Korea. The service is aimed to benefit Korean residents, international students, and other remittance customers residing overseas. In collaboration with Remitly, a U.S.-based remittance platform, GLN seamlessly disburses funds to the preferred domestic bank accounts of the recipients in Korea, by leveraging GLN's bank-level secure platform.

In August, the Korean financial regulator granted GLN the license to carry out its cross-border remittance service. Through the stability in its transaction processing system and enhanced security GLN is becoming the fastest growing, bank backed fintech company, and gaining recognition of trusted companies such as Remitly.

GLN International Inc. was established as a spin-off from Hana Bank in July 2021 to run its global payment and settlement network business. To build its global financial network business GLN leverages KEB Hana Bank's global banking network, stringent Anti-Money Laundering (AML) system and compliance policies

GLN International Inc.'s CEO, Kim Kyung-ho, expressed his enthusiasm for the expanded opportunities for both domestic and international customers to benefit from overseas remittance services through GLN's robust global payment network. He emphasized that overseas remittance is a pivotal aspect of GLN's global market expansion strategy, and with the upcoming initiation of domestic-to-overseas remittance services, they plan to collaborate with various partners to further expand the global remittance market.

About GLN International Inc.

GLN International Inc, a subsidiary of KEB Hana Bank, the top Foreign Exchange Bank in Korea, backed by KB Kookmin Bank, Kakao Payments Inc from Korea, Taishin Bank from Taiwan, and SuMi Trust Bank from Japan, is the fastest-growing global network of mobile wallets for cross-border financial transactions such as mobile payments, mobile ATM cash withdrawal and mobile remittance. GLN services are now available in the following countries and regions: Hong Kong, Japan, Laos, Singapore, Korea, Taiwan, Thailand, United States, Vietnam and Cambodia.