KB Kookmin Bank to join GLN network to expand Korea-driven global payment network
Korean financial groups cooperate to strengthen global payment network and lead the future financial ecosystem
KB Kookmin Bank to provide mobile payment and ATM withdrawal service to customers in Thailand, Taiwan, Singapore, Japan, Vietnam, Laos, Hong Kong, Guam and others through GLN
GLN International (GLN), the global payment network company established by Hana Financial Group, signed MOU with KB Kookmin Bank to join the global payment network.
One of the largest Korean bank which has fiercely competed in a global market, decided to cooperate with GLN to expand the network together.
GLN (Global Loyalty Network) is global payment network service provider which connects international financial companies, distribution channels and reward point providers so that users can enjoy cross-border mobile payment, ATM withdrawal service and remittance.
Hana Bank first introduced GLN in April, 2019 by launching the global mobile payment service and spun off ‘GLN International’ in July, 2021, to facilitate network business and secure independence from its mother company.
GLN’s service is provided through Hana 1Q, the mobile banking application of Hana Bank, which offers mobile payment service in Thailand, Taiwan, Singapore, Vietnam, Japan, Laos, Hong Kong, Guam and mobile ATM withdrawal service in Japan, Vietnam, Laos, thanks to the partnership between GLN and local partners.
KB Kookmin Bank’s application KB Starbanking, LiivNext, KB Wallet users will also be able to use GLN’s cross-border mobile payment and withdrawal service, based on MOU signed between GLN and KB.
GLN International’s CEO Han Jun-Seong said, “To succeed in a global business, the mutual cooperation among Korean financial companies is requisite. KB Kookmin Bank decided to join GLN network as agreed on needs to provide Korea-driven payment service to customers whereas previously having to rely on foreign-driven network processors”.
As KB Kookmin Bank joins GLN’s network, other financial companies in Korea are also expected to participate in the group. More companies joining the network will strengthen the competitiveness of GLN, and Korean financial market as a whole.