In a revolutionary move, GLN International has expanded its QR payment network to the Philippines. This strategic expansion has been achieved through a partnership with Asia United Bank (AUB). This partnership will allow tourists visiting the Philippines to pay seamlessly at QRPh merchants, a national QR payment network operating in the country, using the digital wallets in GLN's network.
When it comes to digital finance, GLN has always been ahead of the curve. Its payment network now spans seven countries and regions in Southeast Asia, namely Thailand, Taiwan, Singapore, Vietnam, Laos, Cambodia, and the Philippines.
GLN International, under the leadership of CEO Kim Kyung-ho, recently signed a Memorandum of Agreement (MOA) with Asia United Bank (AUB), a publicly listed bank in the Philippines. This agreement paves the way for the launch of the QRPh cross-border payment service.
The signing ceremony, which took place on March 18 at the AUB headquarters, was witnessed by top officials from the Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management Inc.
Under the terms of the agreement, GLN and AUB will work together to provide the QRPh cross-border payment service to visitors to the Philippines. This includes the 1.4 million Korean tourists who visit the country annually.
Starting from June, GLN customers traveling to the Philippines will be able to make digital QR payments in over 630,000 QRPh physical stores. They can make these payments through Hana One Q, KB Star Banking, iMBank, Hana Money, Toss, and GLN apps. This service comes with reduced payment costs due to real-time currency conversion and a transparent fee system.
This year marks the 75th anniversary of diplomatic relations between Korea and the Philippines. The enabling of cross-border QR payments represents a significant milestone in the bilateral relations of these two countries.
In the Philippines, cashless digital payment methods have become mainstream. AUB has made significant contributions to the digital retail infrastructure of the country. Through close collaboration, efforts are being made to enhance the convenience of financial services between the two countries. This will benefit local merchants and contribute to the cross-border financial industry.
Kim Kyung-ho, CEO of GLN International, expressed anticipation for the highly constructive and forward-looking cooperation with AUB. He said, "We look forward to establishing a strategic partnership with AUB, enabling us to pursue innovative and future-oriented collaboration."
Wilfredo Rodriguez Jr., AUB's executive vice president and Head of Operations and Technology Group, welcomed GLN's initiative and emphasized prioritizing technological innovation. He stated, "AUB made a deliberate strategy to use technology as an enabler as well as a differentiator for its various products and services."
The partnership was welcomed by Philippine regulators. German Constantino, officer-in-charge of Payments Policy and Development Department of the BSP, said the partnership "signifies a milestone, not only for AUB, but also for the broader banking and payments industry, particularly in the realm of cross-border digital payment."
In conclusion, the expansion of GLN’s QR payment network to the Philippines is a significant development in the realm of digital payments. This strategic partnership with AUB will provide seamless and cost-effective payment solutions for tourists visiting the Philippines. It will also undoubtedly contribute to the growth of the cross-border financial industry. With GLN’s forward-looking approach and AUB’s commitment to technological innovation, the future looks bright for digital finance.
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