GLN joins BCEL to offer Remittance Service for Laotian residents in Korea
By Gloria Mathias
GLN International, a global payment network company, has signed an agreement with BCEL (Banque Pour Le Commerce Exterieur Lao Public) on remittance services in addition to cross-border mobile payments and ATM cash withdrawal services that are currently being provided.
GLN is a FinTech subsidiary spun off from Hana Bank in July 2021 to run its global payment and settlement network business.
Signing the agreement with BCEL means that GLN is expanding its cross-border remittance service even further. From early next year, Laotian residents in Korea, including workers and students, will be able to send money to their home country conveniently and safely through GLN’s service. Starting with Laos, this service will be continuously expanded to the Philippines, Vietnam, and other countries.
Until now, Laotian residents in Korea faced lots of difficulties in sending money to their home country, including opening accounts, a complicated remittance process, and high costs. As a result, remittances have often been made through illegal channels, which might be affecting personal interests and security. Upon GLN’s service launch, most problems are expected to be resolved in a positive direction.
As part of the Laos national project “Implementation of Remittance Transfer Management for Lao Migrant Workers in Abroad,” promoted by the Ministry of Labour and Social Welfare and the Bank of Lao PDR, the MOU between GLN and BCEL signifies the official launch of “Digital Remittance and Innovative Payment between the Lao PDR and the Republic of Korea,” supported by the governments of both countries.
Kim Kyung-ho, CEO of GLN International, said, “We are excited to see Lao people in Korea sending money to their families through GLN’s safe, stable, and convenient service.” He added, “The cross-border remittance service will play an important role in our global market expansion strategy, and continuous effort will be made to expand remittance service in both directions in Korea and abroad. Consequently, we will expand the global payment market together with our partners to provide better financial services to more people around the world.”