Stonex Financial Ltd (SFL) has strengthened the paid payment arm in London in the Stonex Group, its relationship with Hana by establishing a new banking agreement with the London branch in South Korea.
The expanded partnership aims to enhance Korean payment flows (KRW) to Korea and support the increasing demand for international companies’ transactions.
By linking Hana Bank London to the SFL network, the deal is expected to improve the ability of both companies to provide foreign exchange services and cost -effective transfers.
Hana Bank is already strengthening the Stonex Payments platform to facilitate local currency transactions throughout Latin America, the Middle East and Asia.
The new arrangement is said to allow Hana Bank to expand its service to global customers while providing Stonex with a greater ability to settle KRW.
Cheyu Lee, Deputy Director General of Hannah Bank in London, said this step is in line with the Korean government’s policy to expand the trading hours in FX. “It is great not only to contribute to the possibility of Pusing KRW from Stonex, but also compatible with the Korean government’s intention to open the FX market.”
Thiago Vieira, the international head of Stonex Payments, described Hana as a “perfect partner” for Asia’s expansion in Stonex, while Kyung Cho, the head of Stonex Payments Korea, has won the agreement “will open new opportunities and commercial capabilities for companies related to Korea.”