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Biz News Korea(Eng)

KEB Hana Card to expand payment settlement business in Vietnam

Collected: 2018.03.30

Distributed: 2018.04.02

Source: Go Direct

[Photo provided by KEB Hana Card Co.]

South Korea’s KEB Hana Card Co. signed a memorandum of understanding with the National Payment Corporation of Vietnam (NAPAS) and payment solution provider Alliex to expand its payment settlement service business in Vietnam, the company announced on Thursday.

Under the agreement, KEB Hana Card will support Vietnam’s overseas credit card payment business by providing its knowhow to NAPAS. “We expect the agreement would make a significant contribution to the Vietnamese payment settlement market by combining NAPAS’ vast networks and Hana Card’s expertise,” said Hana Card CEO Chung Soo-jin.

The company also plans to release various payment services in the Southeast Asian country in cooperation with Alliex. In 2015, Hana Card formed a partnership with Alliex to join forces to expand payment businesses in overseas countries.

NAPAS, founded on a joint investment of the State Bank of Vietnam and the country’s major banks, is the Vietnam’s only switching and electronic clearing service provider. Under the agreement with Hana Card, NAPAS will be in charge of providing switching service and Alliex will be responsible for establishing and operating networks across Vietnam.

By Oh Chan-jong and Choi Mira

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