Hana Financial Group is accelerating its entry into the stablecoin payment landscape in South Korea. They are launching a promotional campaign targeted at foreign visitors, offering benefits for using USDC through strategic partnerships with Circle and Crypto.com.
On Thursday, Hana Financial Group announced that Hana Card, its card services subsidiary, will provide a 5 percent cashback reward in CRO, the native token of Crypto.com, to international travelers. This cashback is applicable when foreign users make payments at Korean merchants using Crypto.com’s prepaid Visa card, which is funded with USDC.
This promotional initiative follows a partnership agreement signed in December between Hana Card and Circle, the issuer of USDC – the world’s second-largest stablecoin based on market capitalization – with the goal of expanding USDC-based payment options within South Korea.
“This project is designed to validate the practical application of stablecoin payments and foster deeper collaboration with leading global digital asset companies,” stated a representative from Hana Financial.
This collaboration builds upon a previous agreement between the two entities. In May of the previous year, Hana Bank and Circle entered into a broader business agreement to explore and develop various stablecoin-related services.
Hana Card holds a significant market share in payment processing for foreign visitors in South Korea, handling approximately half of all foreign-issued card transactions, according to the company. This partnership could position Hana at the forefront of the stablecoin payment sector as South Korea prepares to establish a regulatory framework for digital assets.
This initiative is part of Hana Financial’s wider strategy to invest in digital assets as a key driver for future growth. In his New Year address, Chairman Ham Young-joo emphasized the group’s ambition to be a leader in the emerging stablecoin ecosystem. Consequently, Hana has established a dedicated digital asset task force comprising representatives from across its various affiliates.
The group is also actively expanding its collaborative efforts with global cryptocurrency firms, including plans to pursue a digital asset custody license for BitGo Korea, its joint venture with BitGo, a globally recognized digital asset custodian listed on the New York Stock Exchange.
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