Hana Bank Signs MOU with SBI Savings Bank for 'Foreign Exchange Service Linkage and Cooperation'

Hana Bank signed a business agreement with SBI Savings Bank on the 12th of this month at its Euljiro headquarters to provide overseas remittance and foreign currency exchange services. In the signing ceremony, Jo Jong-hyung, Head of Hana Bank's Foreign Exchange Business Division (right in the photo), and Yoo Hyun-guk, Head of Retail Sales Division at SBI Savings Bank (left in the photo), are taking a commemorative photo.

[Asia Economy Reporter Kim Min-young] Hana Bank announced on the 13th that it has signed a Memorandum of Understanding (MOU) with SBI Savings Bank to actively promote linkage and cooperation between the two companies in foreign exchange services such as overseas remittance and foreign currency exchange.

With the MOU signed on the 12th of this month, Hana Bank plans to provide SBI Savings Bank with industry-leading foreign exchange service solutions and systems. Through this, customers using the SBI Savings Bank application (app) will be able to conveniently experience overseas remittance based on the Hana EZ app and Hana Bank’s representative mobile currency exchange service, Exchange Wallet.

The overseas remittance service affiliated with Hana Bank enables fast and easy remittance to over 200 countries worldwide, 24 hours a day, 365 days a year. It offers real-time remittance status inquiry and professional after-sales service, providing a premium service unique to Hana Bank that differentiates it from other financial institutions and small remittance companies.

The Exchange Wallet service allows users to easily exchange and store 12 major currencies through their smartphones, with preferential exchange rates automatically applied. The exchanged currencies can be collected at any Hana Bank branch nationwide at any time, and can also be converted back to Korean won.

Notably, this agreement marks the first business partnership between a commercial bank and a savings bank for overseas remittance services. Hana Bank has built and developed a top-level system for providing foreign exchange services, and SBI Savings Bank will utilize this for internal system linkage and offer new foreign exchange services, expected to create synergy.

A representative from Hana Bank’s Foreign Exchange Service Support Department stated, “The foreign exchange service partnership with SBI Savings Bank was prepared to enhance customer convenience amid the increase in mobile-based non-face-to-face financial transactions,” and added, “Going forward, as Korea’s leading foreign exchange specialized bank, we will expand partnership services so that more customers can experience Hana Bank’s convenience based on our accumulated capabilities and innovative fintech technology.”

This content was produced with the assistance of AI translation services.