AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
- GLN has expanded its QR payment network to the Philippines through a strategic partnership with Asia United Bank (AUB).
- Under the agreement, tourists to the Philippines will be able to pay seamlessly at QRPh merchants, a national QR payment network operated in the country, using the digital wallets in GLN's network.
- GLN's payment network now includes seven countries and regions in Southeast Asia: Thailand, Taiwan, Singapore, Vietnam, Laos, and Cambodia, and the Philippines.
SEOUL, South Korea, March 28, 2024 /PRNewswire/ -- GLN International, led by its CEO Kim Kyung-ho, has signed a Memorandum of Agreement (MOA) with Asia United Bank (AUB), a publicly listed bank in the Philippines, to launch the QRPh cross-border payment service.
Top officials of the Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management Inc. witnessed the MOA signing ceremony last March 18 at the AUB headquarters.
Under the agreement, GLN and AUB will collaborate to provide QRPh cross-border payment service to visitors to the Philippines, including the 1.4 million Korean tourists who visit the country annually. Starting June, GLN customers travelling to the Philippines will be able to make digital QR payments in over 630,000 QRPh physical stores through Hana One Q, KB Star Banking, iMBank, Hana Money, Toss, and GLN apps, with reduced payment cost from real-time currency conversion and a transparent fee system.
This year marks the 75th anniversary of diplomatic relations between Korea and the Philippines. Enabling cross-border QR payments is a meaningful milestone in bilateral relations of the two countries. In the Philippines, cashless digital payment methods have become mainstream. AUB has made significant contributions to the digital retail infrastructure of the country. Through close collaboration, efforts are being made to enhance the convenience of financial services between the two countries, benefit local merchants, and contribute to the cross-border financial industry.
Kim Kyung-ho, CEO of GLN International, expressed anticipation for the highly constructive and forward-looking cooperation with AUB stating, "We look forward to establishing a strategic partnership with AUB, enabling us to pursue innovative and future-oriented collaboration." He added, "As a leading alternative payment network provider globally, GLN will continue to expand payment territory, and explore innovative businesses model with partners to provide more convenient global payment services to customers in the future."
Wilfredo Rodriguez Jr., AUB's executive vice president and Head of Operations and Technology Group, welcomed GLN's initiative and emphasized prioritizing technological innovation. "AUB made a deliberate strategy to use technology as an enabler as well as a differentiator for its various products and services. We know the digital age will come and the competition will no longer be about the size of your branch network, but about the ability to scale up, agility, and relevance. For AUB, this is the level playing field."
The partnership was welcomed by Philippine regulators. German Constantino, officer-in-charge of Payments Policy and Development Department of the BSP, said the partnership ""signifies a milestone, not only for AUB, but also for the broader banking and payments industry, particularly in the realm of cross-border digital payment."
