NIPPON Platform Co., Ltd. (Head Office: Tokyo, Japan, Founder and CEO of Overseas Business：Jun Takagi) and Hana Bank (Head Office: Seoul, Republic of Korea, President & CEO: Ji Sung-Kyu) have entered into a strategic partnership to expand Hana Financial Group’s global alternative payment hub, Global Loyalty Network (GLN), in Japan.
■ About GLN Services
GLN is a Global Alternative Payment Hub that involves a total of 58 companies from 14 countries around the world.
It provides an integrated platform to connect financial institutions, retail companies and loyalty point operators around the world to a single network, allowing them to freely transfer digital assets and e-money globally.
GLN provides services to enable online and in-store mobile payments, remittances, and ATM cash withdrawals via mobile without border restrictions.
In particular, GLN applies real-time exchange rates in each country for transactions, allowing convenient prepaid and debit payments around the world.
■ Background and Next Steps
Besides its banking app, 1Q and loyalty program/e-wallet app, Hana Members, GLN has strategically partnered with key players in the payment industry in Korea.
For instance, the retail giant Shinsegae Group (SSG Pay), the largest P2P money transfer company (TOSS), and SK Telecom’s e-wallet (SK Pay). Also, in collaboration with Taiwan and Thai financial institutions, GLN has over 85 million users.
Japan will host the 2020 Olympic and Paralympic Games this upcoming July, and the number of foreign tourists will inevitably increase during this period. NIPPON Platform and GLN would like to give to the upcoming tourists “a seamless, inexpensive cross-border payment experience”.
We estimate that usage of e-wallet, a form of electronic stored value which is used for transactions made online or in-store through a computer or a smartphone, is increasing, and it is expected to become one of the most preferred payment methods alongside credit and debit cards.
GLN will serve as an integrated hub platform enabling cross-border payments and providing services to the users and companies globally.
GLN Coupon Mall offers global coupon services, and provides discount coupons and incentives not only for South Korean visitors to Japan, but also tourists from all over the world.
Nippon Platform integrates various GLN services with its own services and introduces the GLN system to its approximately 100,000 merchants (a total number of terminals) in Japan. It will promote alternative payments services to foreign visitors in Japan which will increase the mobile payments volume in its affiliated shops.
■ About GLN
With an initiative to build a network of digital assets, GLN born from the idea of Kim Jung-Tai, Chairman & CEO of Hana Financial Group, was launched in 2017. In November 2017,
the First GLN Consortium was held in Seoul, Korea.
Over 100 members from 36 participant companies of 11 countries participated in this meeting. They belong to global banks and retail companies from Japan, Taiwan, China, Thailand, Russia, the United States and the United Kingdom.
GLN Consortium member countries include representative banks, major retail companies, and point business companies from Japan, Taiwan, China, Thailand, Russia and Turkey. It is also pushing to expand GLN membership to India, Indonesia, Vietnam, the Philippines and Canada.
■ Hana Bank
Hana Financial Group is a leading South Korean financial group providing integrated services through its subsidiaries, including Hana Bank.
■ Company Profile of Hana Bank
Head office：Euljiro 35, Jung-gu, Seoul, KOREA,
History ：Seoul Bank was established in 1959,
Korea Exchange Bank was established in 1967,
Hana Bank was established in 1991
Amount of sales: 26,003,753,000,000 won (as of 2018)
Net income : 2,092,800,000,000won (as of 2018)
Total assets: 421,115,600,000,000 won (as of September 2019)
■ About NIPPON Platform
NIPPON Platform provides “Payment platform services,” “Services related to business for visitors to Japan” and “Services for small and middle-sized retailers.”
■ Payment brands which are available at NIPPON Platform Payment service
（as of 14 February 2020）
Amazon Pay, d payment (d Pay®), pring, atone, PAY ID, WeChat Pay, NETS Pay,
DBS PayLah!, OCBC Pay Anyone, UOB Mighty, Global Loyalty Network (GLN)
■ NIPPON Platform Co., Ltd.
Head office：2-14-5-3F Kamiosaki, Shinagawa-ku, Tokyo, Japan
Directors ：Jun Takagi, Chairman and CEO of Overseas Business
Shinsuke Hishiki, President and CEO of Domestic Business
Date of establishment：September 2016
Capital ：502,487,400 JPY (Including capital reserves)
Business Activities：Payment platform services, Services for small and middle-sized retailers
Adviser ：HASIDA Koiti (Professor at the University of Tokyo)
He is a PLR technical adviser.
PLR (Personal Life Repository) is one of PDS (Personal Data Store).