GLN has launched cross-border remittances offering instant, secure, and inexpensive money transfers from abroad to all Korean domestic bank accounts. The service is aimed to benefit Korean residents, international students, and other remittance customers residing overseas. In collaboration with Remitly, the US-based remittance platform, GLN seamlessly disburses funds to the preferred domestic bank accounts of the recipients in Korea, by leveraging GLN’s bank-level secure platform.
In August, the Korean financial regulator granted GLN the license to carry out its cross-border remittance service. Through the stability in its transaction processing system and enhanced security GLN says it is becoming the fastest growing, bank backed fintech company, and gaining recognition of trusted companies such as Remitly.
GLN International spun off from Hana Bank in 2021
GLN was set up to run a global payment and settlement network business. To build its global financial network business GLN leverages KEB Hana Bank‘s global banking network, stringent AML system and compliance policies
GLN International CEO, Kim Kyung-ho has emphasised that overseas remittance is a pivotal aspect of GLN’s global market expansion strategy. With the upcoming initiation of domestic-to-overseas remittance services, it plans to collaborate with various partners to further expand the global remittance market.
GLN secured a strategic investment of around KRW110bn ($83.7m) in total from four institutions in March.
GLN backers include Kakaopay, Taishin and Sumitomo Mitsui
Backers include South Korea’s KB Digital Platform Fund, Kakaopay, Taiwan’s Taishin International Bank and Japan’s Sumitomo Mitsui Trust Bank.
It says that it is the fastest-growing global network of mobile wallets for cross-border financial transactions such as mobile payments, mobile ATM cash withdrawal and mobile remittance. GLN services are now available in Hong Kong, Japan, Laos, Singapore, Korea, Taiwan, Thailand, US, Vietnam and Cambodia.
In May, GLN introduced Taiwan’s Taishin Pay QR payment system in South Korea. GLN first partnered with Taishin in 2019. The collaboration provides Korean tourists visiting Taiwan with payment services at 30,000 merchants across Taiwan with applications from Hana Bank.
In South Korean, Hana ranks fifth in terms of debit card market share with around 10.9 million cards in circulation. According to GlobalData, NongHyup Bank leads the way with 27.5 million cards in circulation ahead of Shinhan (20.6 million). The top five is rounded off with Kookmin (17.5 million) and Woori (11.3 million). In the Korean credit card sector, Hana Bank also ranks fifth, with 8.3 million credit cards in circulation.