- GLN provides fast, convenient and cost-efficient remittance service for Lao residents in Korea as a part of the key national program of Laos
- Remittance service between Korea and Laos will be expanded following the launch of the mobile remittance from overseas to Korea in cooperation with the US-based partner
SEOUL, South Korea, Nov. 2, 2023 /PRNewswire/ -- GLN International (GLN), a global payment network company, signed an agreement with BCEL (Banque Pour Le Commerce Exterieur Lao Public) on October 25 on remittance service in addition to cross-border mobile payments and ATM cash withdrawal services that are currently being provided. This milestone underlines the company's dedication to expand its cross-border remittance business.
GLN is a fintech subsidiary spun off from Hana Bank in July 2021 to run its global payment and settlement network business. Since August this year, GLN has made a successful step forward in its remittance business by partnering with Remitly, a US-based global remittance company with launching a service that allows overseas customers to remit funds to the recipients in Korea.
Signing the agreement with BCEL means that GLN is successfully expanding its cross-border remittance service even further. From early next year, Laotian residents in Korea including workers and students will be able to send money to their home country conveniently and safely through GLN's service. Starting with Laos, this service will be continuously expanded to Philippines, Vietnam, and other countries.
Until now, Laotian residents in Korea have lots of difficulties in sending money to their home country including opening accounts, complicated remittance process and high costs. As a result, remittances have often been made through illegal channels which might be affecting personal interests and security. Upon GLN's service launch, most of problems are expected to be resolved in a positive direction.
As part of the Laos national project "Implementation of Remittance Transfer Management for Lao Migrant Workers in Abroad" promoted by the Ministry of Labour and Social Welfare and the Bank of Lao PDR, the MOU between GLN and BCEL signifies the official launching of the "Digital Remittance and Innovative Payment between the Lao PDR and the Republic of Korea", supported by the Governments of both countries.
Kim Kyung-ho, CEO of GLN International, said, "We are excited to see Lao people in Korea sending money to their families through GLN's safe, stable and convenient service." He added, "The cross-border remittance service will play an important role in our global market expansion strategy, and continuous effort will be made to expand remittance service in both direction in Korea and abroad. Consequently, we will expand the global payment market together with our partners to provide better financial services to more people around the world. "