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Korea & Nepal forge alliance to offer cross-border QR payments

By Gloria Mathias

March 22, 2024

  • APAC
  • APAC news
  • Cross-Border
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GLN, Remitly, Korea, Cross-Border, Instant Payments, Domestic Banks, Payments Solutions, APAC News, Korea FinTech, US Fintech, Daegu Bank, Korea, APAC, Banque Pour Le Commerce Exterieur Lao Public, BCEL, Loas, Fintech news, Korea News, JCB, Japan Fintech, Global Payments Network, Fonepay, Fintech NewsGLN International, a global payment network provider company, has signed an MOU with Fonepay Payment Service, Nepal’s payment network, to explore opportunities to integrate its system to provide cross-border QR payments between Korea and Nepal.

Under the scope of this MoU, two companies will explore the necessary regulatory, operational, technical, and commercial viability to integrate their payment processing switch to facilitate cross-border QR code-based payments between Korea and Nepal.

This collaboration between GLN and Fonepay will start with the outbound QR payment service in Korea. GLN users travelling to Nepal will be able to utilise cashless, cardless, and hassle-free real-time QR payment services across Nepal through apps such as Hana 1Q, KB Wallet, iMBank, Toss, Hana Money, and the GLN App.

As an important strategic region in the GLN’s layout, Nepal holds a significant position within the GLN’s Asian business landscape. Previously, GLN has expanded its payment network to Southeast Asian regions such as Thailand, Laos, Vietnam, Singapore, and Cambodia, as well as Northeast Asian regions including Japan, Hong Kong, and Taiwan.

The collaboration with Fonepay indicates GLN’s initiation of expansion plans towards Central Asia and other Asian regions. It is reported that GLN will further expand to regions like the Philippines and Mongolia soon, to offer a wider range of cross-border payment services for global GLN partners’ customers, including Korea, and provide a payment network in Korea for visitors from these corresponding regions.

“In line with our commitment to delivering cross-border payment services worldwide, GLN is excited to embark on this collaborative journey with Fonepay,” shared, CEO of GLN, Kyungho Kim. “This strategic partnership not only underscores our dedication to expanding into new territories but also reinforces our mission to provide innovative payment solutions that transcend borders.”

CEO of Fonepay, Diwas Kumar, said, “We are thrilled to be collaborating with GLN to expand our services among the Koreans and people in GLN partners’ regions, which is aligned with our international expansion drive in recent times. This collaboration will help use technology to unlock new opportunities, enhance financial inclusion, and contribute to creating a thriving digital economy in Nepal.”

 

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