Hana Bank, Vietnam's BIDV join forces on cross-border QR payment ecosystem
The agreement was signed Tuesday during the Korea–Vietnam Business Forum in Seoul, an event attended by government officials and more than 500 business leaders from both nations.
Executives of the Joint Stock Commercial Bank for Investment and Development of Vietnam, or BIDV, were part of an economic delegation accompanying the General Secretary of the Communist Party of Vietnam, To Lam, on his official visit to Korea.
Under the deal, the two lenders will collaborate to enable individuals and companies in both countries to use QR-based payment systems and related global settlement services.
The aim is to make transactions more convenient, secure and cost-effective, especially for small merchants, tourists and cross-border traders, Hana said in a statement.
'This partnership combines Korea's advanced digital finance technology with Vietnam's extensive payment network,' Hana Bank CEO Lee Ho-seong said. 'We will work to establish a cross-border QR payment ecosystem that contributes to economic growth in both countries.'
Cross-border payment services have become a focus for Korean financial institutions, which are seeking to serve the growing number of Korean tourists, expatriates and businesses operating in Vietnam.
Hana and BIDV have an existing strategic relationship dating back to 2019, when the Korean lender purchased a 15 percent stake in the Vietnamese bank.
Through its fintech arm, GLN International, Hana has rolled out several joint services with BIDV. In 2022, the two banks launched a QR-code-based cash withdrawal feature that lets users of Hana's 'Hana One Q' mobile app withdraw money from about 2,100 BIDV ATMs in Vietnam without using a physical card.
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