February • 2018
The Asian Banker focuses on Global Loyalty Network : GLN
We would like to share an article that has been released on The Asian Banker 14th of Feb. 2018.
Hana Financial Group(HFG) recently launched an ambitious global initiative to create a shared-loyalty platform that is build on blockchain technology. Global Loyalty Network (GLN) is a cross-boarder platform that allows the use and exchange of virtual currencies by connecting various loyalty programs in each country with a wide network of global partnership platforms.
HFG is about to set up an independent subsidiary called GLN International to build the underlying infrastructure for the platform and to market and sign up global partners and members from America, Europe and Asia region. Partners can join GLN as direct partners, through a joint-venture with other banks in their market or as an equity investor in GLN International.
The platform will utilize virtual currencies as the medium of storage and exchange of value in the form of reward points, mileages or coupons as well as digital money that is backed by financial institutions which are issued to the users or customers of the program.
This platform seeks to create a global alliance with leading financial institution, retailers, and loyalty program providers. It will share service resources provided by each partner in its local market and allow customers who spend overseas through the network to access personalized coupons and rewards points (in the form of virtual currencies) which can be earned and redeemed, swapped, topped up and even transferred or gifted to others. The global network will be connected by blockchain technology and this will be more cost effective and secure than conventional technology.
Since its inauguration in November 2017, the program has signed up a number of major financial institutions, retailers, ecommerce players and loyalty program providers and held a consortium. Members are Taishin International Bank of Taiwan, a leading credit card issuer; Siam Commercial Bank of Thailand and the country’s leading retailer Central Group; leading Chinese online travel portal Ctrip as well as a joint venture of Japanese community banks.
This is an undoubtedly ambitious program that has never been made and it will be interesting to see how GLN International continue its project.
Han Jun-Seong, the bank group’s deputy president and group chief innovation and information officer, explained:
“GLN is a one-stop program for all virtual currencies, on a single platform with global usability. It leverages the latest in distributed ledger technology or blockchain, the convenience and user experience of the smartphone and a global rewards and loyalty platform to provide a universal network for value exchange.”
The Asian Banker is a leading provider of strategic intelligence on financial service industry, established since 1996. To view full version of this article please refer to the below link.