This partnership ensures that the most prominent payment wallets in South Korea, as well as other Asian countries, will be accepted by the merchants, initially in Singapore, and beyond the island in the future.
Singapore, 18 Nobember 2021 – GLN International Inc. (“GLN”), a global payment network that facilitates cross-border mobile payments for digital wallets and banking applications, has partnered with Liquid Group Pte. Ltd. (“Liquid Group”), a leading cross-border digital payments provider, today announced their collaboration to supercharge cross-border payments, leveraging on both companies‘ networks.
Users of GLN‘s digital wallet members will be able to make mobile payments, enjoying the best currency exchange rates, at Liquid Group‘s merchants in Singapore.
GLN, headquartered in South Korea, facilitates cross-border mobile payments and cardless cash withdrawal services in seven countries. Among GLN digital wallet members is leading digital banking application, Hana 1Q of KEB Hana Bank, GLN’s parent company, and Korea’s most popular loyalty application and e-wallet, Hana Members, each with a user base of 16 million and 14 million, respectively. Another South Korean super app, Toss, will also be powering its 20 million users with cross-border payment services through GLN.
Liquid Group, headquartered in Singapore, operates XNAP, a regional QR payment acceptance network that enables the cross-border acceptance of payment schemes and digital payment apps. Liquid Group integrates an extensive network of merchant acquiring partners in the 10 markets of Singapore, Malaysia, Thailand, Philippines, Vietnam, Cambodia, Hong Kong, Taiwan, South Korea, and Japan. By collectively providing harmonised operating rules, streamlined user experience as well as common compliance standards, Liquid Group and its network of merchant acquiring partners are well placed to cooperate with GLN and their member wallets in Singapore.
The collaboration between GLN and Liquid Group will start with the commencement of the quarantine-free travel arrangement between South Korea and Singapore and expand to various markets along with the re-opening of international travels.
Jeremy Tan, Founder and CEO of Liquid Group, commented, “We are excited to collaborate with GLN to roll out the cross-border acceptance of their member wallets. The start of quarantine-free travel is a major milestone, and with the expected gradual resumption of leisure travel in Asia over the next 12 months, we look forward to cooperating with GLN in the various markets shortly.”
“Mobile and contactless have become the new norm. In the anticipation of increased international travel when the world reopens, we are thrilled to announce our collaboration with Liquid Group. This partnership will enable the users of domestic and overseas member wallets to make cross-border payments hassle-free with the existing applications they have been using,” said June Seong Han, CEO of GLN International. “This will serve as a great opportunity for GLN and Liquid Group to grow their mutual footprint across the continent and beyond by providing a new service and expanding markets.”
About Liquid Group:
Liquid Group Pte. Ltd. is a leading fintech company headquartered in Singapore with a presence across the Asia-Pacific. It operates XNAP Network (www.xnap.network), an open API-based QR payment acceptance network that enables the cross-border acceptance of bank and non-bank QR wallets and payment apps across multiple markets in the region.
Liquid Group also provides domestic and cross-border corporate payment solutions for companies across B2B and B2C segments.
Liquid Group is regulated as a Major Payment Institution by the Monetary Authority of Singapore to conduct Account Issuance Service, E-money Issuance Service, Merchant Acquisition Service, Domestic Money Transfer Service, and Cross-border Money Transfer Service. It is also a Non-Bank Financial Institution participant of Singapore’s PayNow and FAST network.
GLN started as a global payment hub project launched by KEB Hana Bank, one of the largest financial institutions with the widest range of foreign exchange products in South Korea. In July 2021, KEB Hana Bank officially established an independent legal entity to specialize in global mobile payments and manage the GLN project.
The new entity, GLN International, serves as a payment network that links major financial institutions, digital wallets, loyalty point operators and merchant acquirers up with a unique, consolidated global network. The participating partners’ users can make cross-border mobile payments, withdraw cash and transfer digital assets in the GLN network without any hassle.
GLN is currently available in seven countries and areas including Thailand, Vietnam, Laos, Taiwan, Japan, South Korea and Hong Kong, and is in the midst of expanding across different continents including Europe and America.