Hana Bank Selected as South Korea's Best Retail Bank

[Asia Economy Reporter Minyoung Kim] Hana Bank announced on the 26th that it has been selected as the Best Retail Bank in South Korea by the global financial industry specialized media, The Asian Banker. This is the first award in two years since 2018.

The Asian Banker highly evaluated Hana Bank for sustaining financial growth based on stable management performance last year, strengthening competitiveness in the digital environment by expanding the digital ecosystem with key strategic partners, and improving customer convenience by expanding digital products and services in line with consumer changes.

In terms of creating a digital ecosystem, Hana Bank was praised for providing differentiated services tailored to customer journeys such as currency exchange and loans to platform companies with high market dominance in fintech (finance + technology), payment, and distribution sectors. It also established a global digital banking network in Indonesia with Line Financial Asia, a Naver affiliate, and provides GLN services in Taiwan, Thailand, and Vietnam in partnership with Everrich, the largest duty-free shop in Taiwan.

In particular, GLN, which started services last year in Taiwan, Thailand, and Vietnam, plans to expand services this year to major Asian countries such as Japan, Hong Kong, Singapore, and Indonesia to build an Asian payment hub. Leveraging the Asian region as a foothold, it aims to expand partner countries beyond the Americas to Europe and broaden partnerships with businesses in various industries to become the world's largest global payment hub.

A Hana Bank official stated, “In the rapidly changing digital environment, we will continue to uphold our reputation as the best domestic bank with innovative product development and high-level services.”

This year’s award ceremony was scheduled to be held in Seoul but was conducted via video conference on the 25th at the Singapore headquarters due to the novel coronavirus infection (COVID-19).

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