Stonex Group Inc. (Nasdaq: SNEX) announced today that its subsidiary, Stonex Financial Ltd (SFL), has entered into a corresponding banking relationship with Hana Bank’s branch of London, marking a significant expansion of Hana Bank’s existing Hana Bank strategy.
Hana Bank, one of South Korea’s first commercial and foreign exchange banks, utilizes Stonex Payments’s FX cross -border payment platform to provide cost -effective and uninterrupted access to Latin America, the Middle East and Asia.
This partnership will allow Hana Bank to better serve the needs of its international corporate customers in all global markets. The new arrangement between SFL and Hana Bank London is based on the strong institution already located between the parties and represents the next phase of the successful corporate relationship.
With the integration of Hana Bank into the global SFL correspondent network, both institutions will be able to better serve the increases of Korean Won (KRW) flows to Korea. The new initiative will greatly enhance SFL’s ability to settle KRW transactions in Korea and enhance Hana Bank’s ability to provide integrated FX services and remittances to its wide customer base.
Chiwoo Lee, Deputy General Manager, Hana Bank London, said:
“With our FX know -how, it is wonderful not only to contribute to Stonex’s KRW payment capabilities, but also to be aligned with the Korean government’s intention to open the FX market with extensive opening hours to facilitate KRW transaction.”
Commenting on the strategic expansion of Stonex payments, Thiago Vieira, a world leader of Stonex payments, said:
“Hana Bank’s growing global ambitions make them an ideal partner for the financial institution’s customer platform. As we continue to execute our Asian expansion strategy, we are thrilled to get our cooperation with Hana Bank at the next level of customers. of Stonex more effective to make payments in Korea. “
Won Kyung Cho, head of Stonex Korea payments, he said:
“We are seeing huge opportunities for the exploitation of Hana Bank’s expertise to deepen our potential and support the ever -increasing KRW payment demand.