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StoneX Group Inc. has announced that its London-based subsidiary's payments division has entered into a correspondent banking relationship with Hana Bank's London branch, expanding their existing strategic partnership beyond the Seoul head office arrangement.
The partnership positions Hana Bank, one of South Korea's leading commercial and foreign exchange banks, to utilise StoneX Payments' cross-border FX payment platform for enhanced access to local currency payments across Latin America, the Middle East, and Asia.
The new correspondent banking arrangement between StoneX Financial Ltd and Hana Bank London is designed to strengthen both institutions' capabilities in handling Korean won (KRW) flows into Korea, whilst enabling Hana Bank to deliver more comprehensive foreign exchange and remittance services to its international corporate clients.
The collaboration comes as South Korea's government seeks to liberalise its FX market with extended operating hours for KRW transaction facilitation, according to Hana Bank officials.
Chiwoo Lee, Deputy General Manager, Hana Bank London
With our FX expertise, it's great to not only contribute to StoneX's KRW payment capabilities, but also to align with the Korean government's intent to open up the FX market with extended operation hours for KRW transaction facilitation.
~Chiwoo Lee, Deputy General Manager, Hana Bank London
StoneX Payments' strategic expansion into Asian markets continues with this deepened partnership, as the company seeks to provide clients with broader emerging-market currency access whilst offering more efficient Korean payment execution capabilities.
Hana Bank's growing global ambitions make them an ideal partner for our financial institution client platform. As we continue to execute on our Asia expansion strategy, we are thrilled to take our partnership with Hana Bank to the next level—providing customers with access to broader emerging-market currencies while offering StoneX clients a more efficient way to execute payments into Korea.
~Thiago Vieira, Global Head of StoneX Payments
The enhanced partnership is expected to unlock new opportunities for Korea-related companies, leveraging both organisations' advanced capabilities to meet increasing KRW payment demand.
We see immense potential in leveraging Hana Bank's expertise to deepen our capabilities and support ever-increasing KRW payment demand. Through the advanced capabilities both organizations bring to the table, we anticipate this partnership will unlock new opportunities and business potential for Korea-related companies.
~Won Kyung Cho, Head of StoneX Payments Korea
Hana Bank was founded in 1971 and expanded through its merger with Korea Exchange Bank in 2015. The Seoul-headquartered institution operates over 600 domestic branches and maintains presence across 24 countries, holding a leading share of South Korea's foreign exchange market.
StoneX Group Inc. is a Fortune 50 company headquartered in New York City and listed on the Nasdaq Global Select Market. The company serves over 54,000 commercial, institutional, and payments clients, plus more than 260,000 retail accounts, across more than 80 offices on six continents through its 5,400+ employees.
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