Hana Bank announced on the 4th that it will implement a 'Regional Specialized Remittance' service that allows non-face-to-face overseas remittance applications in local currencies of emerging markets to enhance convenience for corporate overseas remittances.
Regional Specialized Remittance is a remittance service where the recipient can receive the confirmed local currency amount without a separate currency exchange procedure when a company applies for an overseas remittance. Through Hana Bank's corporate banking, convenient overseas remittances are possible in 22 local currencies of emerging markets, including 10 countries in the Latin American region (Brazil, Chile, Colombia, Peru, Argentina, Costa Rica, Guatemala, Dominican Republic, Bolivia, Uruguay), as well as East Asia, South Asia, and the Middle East.
When using Regional Specialized Remittance, users can benefit from exemption of intermediary fees, which is expected to greatly enhance convenience for importing companies and overseas branch-established corporations that want the contract principal to be delivered to the recipient as is.
By providing mandatory and cautionary information for remittances by region and currency at the overseas remittance application stage through corporate banking, the stability of overseas remittances has also been improved. In addition, a 'Voice of Customer' channel has been established to allow suggestions for additional currencies beyond the 22 local currencies, aiming to expand services based on communication with companies applying for overseas remittances.
A representative from Hana Bank's Foreign Exchange Business Support Department stated, "With the implementation of the Regional Specialized Remittance service, which allows recipients to receive the principal amount in local currency without a separate currency exchange process, we expect a significant improvement in the business competitiveness and convenience of domestic companies. We will continue to communicate with corporate clients and strive to expand services such as diversifying transaction currencies."
Meanwhile, to enhance the convenience of corporate overseas remittance transactions, Hana Bank launched the 'Artificial Intelligence (AI) Overseas Remittance Prediction' service in April, which allows real-time tracking of the entire remittance process through corporate banking. To increase the reliability and stability of overseas remittances, the bank also introduced the 'Pre-verification of Recipient Account' service last month, which enables prior confirmation and verification of the overseas recipient's account status, continuously providing differentiated foreign exchange services.
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