Tuesday, April 16, 2024

GLN International: Sole Korean Participant in Singapore’s National QR Payment Proof of Concept (SGQR+ POC)

SEOUL, South Korea, Nov. 2, 2023 /PRNewswire/ — GLN International Inc, a subsidiary of Hana Bank, is pleased to announce its participation as a Korean payment scheme in the SGQR+ POC (Proof of Concept, spearheaded by the Monetary Authority of Singapore (MAS). This milestone has been made possible through our valued partner, Liquid Group from Singapore.

The POC, to be conducted from November 1st to 30th of 2023, will allow GLN users in Singapore to make simple and easy payments at participating merchants at the Singapore Fintech Festival and in the Changi district using the SGQR label. GLN members like “Hana 1Q” from Hana Bank, “Kookmin Wallet” from Kookmin Bank, “Toss,” and “Hana Money” from Hana Card without exchanging the currency directly.

GLN, which started providing mobile-based QR code payment services at 12,000 merchants in Singapore with Liquid Group in September last year, plans to expand its services to merchants in Singapore by participating in the SGQR+ POC project.

In addition, GLN is preparing for its inaugural participation in the upcoming Singapore FinTech Festival, scheduled from November 15th to 17th, 2023. This prestigious event[1], organized by the Monetary Authority of Singapore (MAS) since 2016, is renowned as the world’s largest fintech gathering, attracting over 62,000 participants from 115 countries worldwide. During the festival, GLN will showcase its expansive global network and a wide range of services, including innovative mobile cross-border payments, mobile ATM cash withdrawals, and instant overseas remittance solutions.

Kim Kyung-ho, CEO of GLN International, expressed their enthusiasm, stating, “We are delighted to be a part of the SGQR+ POC project in Singapore, a nation that serves as a financial hub in Southeast Asia. Our aim is to enhance payment experiences for both domestic and international customers, making them more convenient and substantial.” In light of the rapid growth of QR payments in both domestic and international markets, GLN is committed to strengthening collaborations with major fintech institutions from around the world. GLN will also use the platform of this year’s Singapore FinTech Festival to spearhead the transformation of the global payment market paradigm.”

[1] The Singapore FinTech Festival is organised by MAS, Elevandi (a not-for-profit entity set up by the MAS to connect people and businesses, ideas and insights in the FinTech sector in Singapore and globally) and Constellar (a global player in the Meetings, Incentives, Conventions and Exhibitions industry), in collaboration with The Association of Banks in Singapore.

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