South Korean travelers are set to experience seamless QR payments in Vietnam, eliminating the need for cash or cards, as Hana Bank expands its innovative global payment platform, GLN, into one of Southeast Asia’s most dynamic and rapidly growing markets.
Hana Bank officially announced Sunday a landmark partnership with Vietnam’s National Payment Corporation and the Bank for Investment and Development of Vietnam (BIDV) to introduce this cutting-edge digital payment service. The pivotal signing ceremony took place Thursday in Hanoi, Vietnam, coinciding with the influential Korea-Vietnam Business Forum.
GLN, a successful spin-off from Hana Bank established in 2021, has already built a robust digital payment and remittance network across key international markets, including Thailand, Japan, and Taiwan, demonstrating its proven capability in global transactions.
Through this strategic new partnership, Korean visitors will effortlessly make payments at various stores and franchises throughout major Vietnamese cities. They can simply scan QR codes using their existing banking or fintech applications from home, completely bypassing the hassle and fees associated with currency exchange.
The convenient new service will initially be accessible via popular platforms such as Hana Bank, Hana Card, Hana Money, Toss, and PurpleGLN. Hana Bank has ambitious plans to further expand this network, intending to integrate other widely used Korean banking apps, including Naver Pay, in the near future.
Hana Bank emphasized that this collaboration extends far beyond a typical payment agreement. The prominent Korean lender will play a crucial role as the sole Korean financial institution serving as a settlement bank. Concurrently, GLN will manage all payment operations directly linked to Vietnam’s national QR payment network and actively contribute to developing the localized service alongside Hana Bank.
In a separate yet equally significant development, Hana Bank also executed a memorandum of understanding (MoU) with BIDV and the Korea Overseas Infrastructure & Urban Development Corporation. This MoU aims to foster deeper cooperation on critical infrastructure projects within Vietnam and across other international markets.
This tripartite agreement establishes a powerful strategic partnership focused on key sectors including infrastructure, energy, urban development, and green initiatives. The involved parties will collaboratively identify promising investment opportunities, actively supporting the global expansion efforts of Korean companies.
“This transformative partnership and the launch of our new service are poised to generate substantial value, skillfully merging Vietnam’s immense growth potential with Hana Bank’s extensive global financial expertise,” stated Lee Ho-sung, CEO of Hana Bank. “By strategically integrating infrastructure finance with advanced digital payments, we are committed to consistently delivering convenient, secure services and continually advancing our comprehensive global payments network.”
jwc
