GLN International, a subsidiary of Hana Bank, (GLN) has recently announced the launch of cross-border remittance service; offering instant, secure, and inexpensive money transfers from abroad to all domestic bank accounts in Korea. The service is aimed to benefit Korean residents, international students, and other remittance customers residing overseas. In collaboration with Remitly, a U.S.-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 is becoming the fastest growing, bank backed fintech company, and gaining recognition of trusted companies such as Remitly.
GLN International Inc. was established as a spin-off from Hana Bank in July 2021 to run its global payment and settlement network business. To build its global financial network business GLN leverages KEB Hana Bank’s global banking network, stringent Anti-Money Laundering (AML) system and compliance policies.
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GLN International Inc.’s CEO, Kim Kyung-ho, expressed his enthusiasm for the expanded opportunities for both domestic and international customers to benefit from overseas remittance services through GLN’s robust global payment network. He emphasized that overseas remittance is a pivotal aspect of GLN’s global market expansion strategy, and with the upcoming initiation of domestic-to-overseas remittance services, they plan to collaborate with various partners to further expand the global remittance market.