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KB Kookmin Bank and GLN International have agreed to collaborate to work together on setting up a global payment network. The companies signed a memorandum of understanding (MOU) for this project late last week.
GLN International (Global Loyalty Network) was established by the Hana Financial Group as a global payment network. With the agreement, KB Kookmin will now join the company for the said business.
KB Kookmin is one of the largest banks in South Korea, and it has been fiercely competing in the global market. To realize its goal in the international scene, it made the decision to partner with GLN and expanded the payment network together.
Fortune Korea reported that it was the commercial bank that prepared the business agreement as it is aiming to lead the future of the global payment and settlement market by joining the GLN network. It also wants to develop a customer-oriented K-Global payment network through the partnership.
GLN International is known to be a brokerage network service that links financial, distribution, and point operators worldwide into one network. It allows users to make use of global financial services, including ATM withdrawals and mutually free payments through mobile with no border restrictions.
KB Kookmin Bank and GLN’s agreement will let users of the former’s Star Banking, KB Wallet, and Live Next mobile platforms use the network services provided by the latter to enjoy hassle-free ATM withdrawals and mobile payments overseas.
"To succeed in a global business, the mutual cooperation among Korean financial companies is requisite,” Han Jun Seong, GLN International's chief executive officer, stated in a press release, “KB Kookmin Bank decided to join GLN network as agreed on needs to provide Korea-driven payment service to customers whereas previously having to rely on foreign-driven network processors."
He added in a separate statement, "For the success of global business in the future, cooperation and participation among domestic financial institutions is necessary. It is expected that this will serve as an opportunity to promote the customer-oriented K-Global payment network led by this company.”
