The service launched by GLN International, a subsidiary of Hana Bank, is aimed to benefit Korean residents, international students, and other remittance customers residing overseas. In collaboration with Remitly, a US-based remittance platform, GLN seamlessly disburses funds to the preferred domestic bank accounts of the recipients in Korea, by leveraging its bank-level secure platform.
In August 2023, GLN has received a license from the Korean financial regulator to carry out its cross-border remittance service. Through the stability in its transaction processing system and enhanced security GLN is a growing, bank backed fintech company, and gaining recognition of trusted companies such as Remitly.
GLN International 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
Speaking on the expansion of their money transfer solution, executives from GLN said that customers can now benefit from overseas remittance services through their robust global payment network. They also emphasised 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.
Previous news from GLN
In November 2021, GLN International and Liquid Group have joined forces to enhance cross-border mobile payments. As a result of this partnership, GLN’s digital wallet users can make mobile payments with favourable currency exchange rates at Liquid Group merchants in Singapore. The partnership’s initial focus was on the quarantine-free travel arrangement between South Korea and Singapore, with plans to expand to other markets as international travel resumes.
What does GLN International do?
GLN International, a subsidiary of KEB Hana Bank, a foreign exchange bank in Korea, backed by KB Kookmin Bank, Kakao Payments from Korea, Taishin Bank from Taiwan, and SuMi Trust Bank from Japan, is a 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.
