GLN Now Vol. 10
GLN Cross-border payments service launched in Taiwan, Thailand and Vietnam.
Last October, the Global Loyalty Network (GLN) was awarded the gold prize (1st place) in offering innovation at the European Financial Management Association (EFMA) -Accenture awards.
The ‘Efma-Accenture Financial Innovation Awards’ is an internationally recognized award held jointly by Efma, the largest non-profit organization with members of various financial institutions and insurance companies in Europe, and a global consulting firm, Accenture. The awards are presented for eight outstanding innovation retail banking projects covering the latest financial services trends such as marketing, AI/Big data analysis and others.
This year, 235 financial institutions from 70 countries participated in a fierce competition with a total of 616 participants offering financial services, followed by in-depth internal screening, and from which nine services from each sector were selected. Among the shortlist, the winner was selected based on the evaluation and voting of professional judges.
The Global Loyalty Network (GLN), which Hana Financial Group has envisioned and promoted since the second half of 2016, held the GLN San Francisco Conference in April 2017, and a GLN Consortium event with 30 companies from 11 countries and regions in November of the same year.
With the aim of serving international visitors at PyeongChang Winter Olympics in February, 2018 in Korea, GLN launched a pilot coupon mall collecting coupons from Taiwan, Thailand, Japan, Russia and Indonesia. In April 2019, Hana Members, an integrated e-wallet for all the customers of Hana Financial Group, was the first e-wallet in Korea to launch cross-border payments service in Taiwan through GLN network.
After launching successfully in Thailand in September, and in Vietnam in November, GLN is looking forward to expanding its network to 14 countries and actively discussing business partnerships with 58 companies. In addition to cross-border payments service, GLN is planning to launch its cross-border ATM withdrawal and remittance services.
Next year, Hana Financial Group is planning to spin-off its GLN business unit into an independent entity so that GLN can operate without barriers at a global level.
GLN is a Global Payment Hub that connects financial institutions, retailers, and loyalty program providers allowing them to make cross-border mobile payments, remittance and ATM cash withdrawals seamlessly. It is a Global Electronics Funds Service Platform.