Hana Bank, BIDV partner to expand cross-border QR payment services

Hana Bank CEO Lee Ho-seong, right, and Le Ngoc Lam, chief executive of the Joint Stock Commercial Bank for Investment and Development of Vietnam, hold a signed memorandum of understanding during the Korea-Vietnam Business Forum in Seoul, Tuesday. Courtesy of Hana Bank

Hana Bank said Wednesday it signed an agreement with Vietnam's largest state-owned commercial bank to promote cross-border QR payment services.

The Korean bank said it signed a memorandum of understanding (MOU) with Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) during the Korea-Vietnam Business Forum in Seoul on Tuesday.

The agreement outlines the terms of their expanded partnership, following Hana’s acquisition of a 15 percent stake in BIDV in 2019.

Their digital finance collaboration has been managed by GLN International, Hana Bank’s fintech arm.

For instance, GLN has operated a QR code-based cash withdrawal service in Vietnam since 2022, allowing users to withdraw cash from approximately 2,100 BIDV ATMs nationwide using the Hana One Q app — all without a physical card.

“In this context, the new MOU is expected to further deepen digital financial cooperation between the two countries by enabling individuals and businesses to access financial services more easily and securely,” Hana Bank CEO Lee Ho-seong said.

“We aim to establish a cross-border QR payment ecosystem that benefits everyone — from small business owners to tourists — while contributing to the economic growth of both nations.”

Hana Bank and other Korean financial institutions have been ramping up cross-border payment services to meet rising demand from the growing number of Korean tourists, entrepreneurs and long-term residents in Vietnam.

BIDV was listed on the Vietnamese stock exchange in 2014. Hana Bank has been receiving dividends in proportion with its 15 percent equity stake.

BIDV’s market capitalization stood at 2.24 trillion won ($1.62 billion) at the end of 2024, with each share priced at 2,167 won.