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GLN & Remitly enable cross-border digital remittances in Korea

By Gloria Mathias

August 28, 2023

  • APAC news
  • Cross Border Money Transfers
  • Cross-Border
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GLN, Remitly, Korea, Cross-Border, Instant Payments, Domestic Banks, Payments Solutions, APAC News, Korea FinTech, US Fintech, GLN International, a subsidiary of Hana Bank (GLN), has launched a cross-border remittance service with Remitly, offering instant, secure, and inexpensive money transfers from abroad to all domestic bank accounts in Korea.

The service aims to benefit Korean residents, international students, and other overseas remittance customers. 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 of its transaction processing system and enhanced security, GLN is becoming a growing, bank-backed FinTech company and gaining recognition from trusted companies such as Remitly.

GLN International Inc.’s CEO, Kim Kyung-ho, expressed his enthusiasm for the expanded opportunities for 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.

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

GLN services are now available in the following countries and regions: Hong Kong, Japan, Laos, Singapore, Korea, Taiwan, Thailand, the United States, Vietnam, and Cambodia.

Remitly is an international payments company that leverages digital channels, including mobile phones, to send money internationally. Remitly’s digital products are fundamentally faster, less expensive, and more convenient for customers to send money across borders.

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