Hana Bank Exclusively Selected as Settlement Bank for "Cross-Border QR Payment Service" for Overseas Travelers

Recognized for Long-Term Operation of Cross-Border ATM Services and the Largest Overseas Network
Enhanced Convenience Expected for International Travelers

Hana Bank announced on July 18 that it has been exclusively selected as the settlement bank for the "Cross-Border QR Payment Service," one of the cross-border small-value payment settlement service hubs promoted by the Korea Financial Telecommunications and Clearings Institute.

The "Cross-Border QR Payment Service" enables foreign visitors to Korea to make payments at domestic merchants using QR payment apps, and allows Korean nationals traveling abroad to conveniently and easily pay at overseas merchants through QR payment apps.

A total of 14 institutions are expected to participate in this project, including 7 domestic banks, 3 card companies, and 4 payment gateway (PG) companies. Among these, Hana Bank was exclusively selected as the settlement bank through the votes of 10 participating institutions.

Since 2010, Hana Bank has accumulated stable technological expertise as the only domestic settlement bank for cross-border ATM services, and its extensive overseas network was highly regarded in the evaluation.

As the settlement bank, Hana Bank will carry out settlements with overseas settlement banks and domestic participating institutions in accordance with payment instructions from the Korea Financial Telecommunications and Clearings Institute, and will provide the exchange rates necessary for interbank settlements.

This service will begin its first phase of pilot operation with Indonesia and is planned to gradually expand to other Asian regions, including Vietnam, in the future.

An official from Hana Bank's Foreign Exchange Business Support Department stated, "Our selection as the settlement bank for the Cross-Border QR Payment Service is the result of our continuous efforts to meet the diverse payment needs of customers both domestically and internationally," and added, "We will continue to strengthen our position as a leading foreign exchange bank, ensuring that customers around the world can enjoy more convenient and secure financial services."