KEB Hana Bank wins innovation award for global payment system

19-Oct-2019 Intellasia | KoreaTimes | 6:02 AM Print This Post

KEB Hana Bank has won a globally recognised innovation award for its Global Loyalty Network (GLN) payment service, the bank said Friday.

The award was given jointly by the European Financial Management Association (Efma) and consulting service giant Accenture.

The bank said it won the Offering Innovation Award as one of eight winners in the seventh Efma-Accenture Customer Insight and Growth Banking Innovation Awards, which recognise innovative services in retail banking and marketing.

Efma is Europe’s largest non-profit organisation that has financial institutions and insurance companies around the world as members. Along with the consulting firm, the two organisations have held the awards since 2013.

For this year’s awards, 235 financial institutions from 70 countries showcased their services. The award ceremony was held in Paris, Wednesday (local time).

The organiser said KEB Hana Bank won the award as it showed the best examples of innovation “for its Global Loyalty Network, a payment hub that links major financial institutions, retailers and loyalty point operators to a unique global network that enables users to freely pay and transfer digital assets to one another.”

Launched in 2019, the blockchain-based GLN service enables users to make payments without having to exchange currency because payments are made by automatically applying the local currency exchange rate. To expand the payment service platform, KEB Hana Bank is working with 58 financial institutions in 14 countries.

Han Jun-seong, deputy president and chief future innovation officer at Hana Financial Group and KEB Hana Bank said: “The bank plans to expand the GLN service to Japan, Vietnam and Singapore following its launch in Taiwan and Thailand.”

KEB Hana Bank previously won the Sales Effectiveness Award at the 2013 Efma-Accenture awards with its Hana N Cyber ? an online product sales model that strategically integrates on and offline channels.


Category: Korea

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