Hana teams up with Shinsegae for global payment market

KEB Hana Bank Deputy President Han Joon-seong, left, shakes hands with Shinsegae I&C CEO Kim Jang-wook during the partnership signing ceremony at the bank's head branch in Seoul, Friday. / Courtesy of KEB Hana Bank

By Jhoo Dong-chan

KEB Hana Bank has teamed up with Shinsegae I&C to include Shinsegae Group's IT subsidiary in the commercial bank's Global Loyalty Network (GLN), the bank official said Friday.

The GLN is KEB Hana Bank's global payment network platform consisting of 57 firms in 14 different countries. Based on blockchain technology, the platform connects the 57 financial, logistics and retail firms in a shared network to provide more comprehensive payment, wire transfer and ATM services without borders.

Customers can use the GLN by installing the Hana Members app, a Hana Financial Group integrated app, or a partnership firm's payment app. The network also offers foreign exchange service in real time for customers who want to buy something abroad.

Shinsegae I&C's SSG Pay users are allowed to use the network in more countries under the deal without installing a separate app.

“The partnership with Shinsegae I&C will boost KEB Hana Bank's presence in the global payment service market,” KEB Hana Bank Deputy President Han Joon-seong said.

“I am also so glad to offer more convenient payment and a wider range of services for SSG Pay users. KEB Hana Bank will continue to do its best to expand its revenue sources.”

In April, the bank introduced the GLN in the Taiwanese market so Hana Members customers can now pay with their smartphones anywhere in the country.