Hana Bank Launches Non-Face-to-Face Issuance Service for Foreign Currency Payment Guarantees

From Application to Issuance of Foreign Currency Payment Guarantees
All Online Without Visiting a Branch

Hana Bank announced on the 19th that it will implement a non-face-to-face issuance service for foreign currency payment guarantees to enhance transaction convenience for corporate foreign exchange customers.

With the implementation of this service, corporate clients transacting with Hana Bank can now apply for and receive foreign currency payment guarantees entirely online through Korea Trade Network's (KTNET) uTradeHub channel and Hana Bank's corporate internet banking channel, without the need to visit a branch.

Previously, to issue a foreign currency payment guarantee, the corporate client had to complete an application form and prepare related documents before visiting a branch for processing. Additionally, if there were errors in the application form, the branch staff had to correct and rewrite the form together with the client, causing inconvenience.

This service is part of Hana Bank's automation plan aimed at achieving '3 No's (No Visit, No Human, No Paper)' in export-import finance. Through this, it is expected to not only enhance transaction convenience for corporate clients using Hana Bank but also reduce branch workload, minimize the risk of document loss, and promote ESG management by realizing paperless operations.

The foreign currency payment guarantee service refers to the bank guaranteeing payments for various obligations in the form of demand guarantees (such as bid bonds, performance bonds, advance payment guarantees, defect bonds, etc.) in international transactions between domestic and overseas companies, thereby ensuring the safety of global transactions.

An official from Hana Bank’s Foreign Exchange Business Support Department stated, "As a specialized foreign exchange bank, we have implemented the non-face-to-face issuance service for foreign currency payment guarantees to improve the global transaction convenience of export-import companies transacting with Hana Bank. We will continue to lead in providing diverse and innovative financial products and services for domestic export-import companies."

Meanwhile, in January, Hana Bank signed a business agreement with the Korea Trade Insurance Corporation for a '2nd Export Package Preferential Finance' worth 700 billion KRW to promote co-growth with export companies. The bank supports practical financial benefits for small and medium-sized export companies, including 100% coverage of guarantees and insurance premiums, loan interest rate reductions, and preferential foreign exchange fees.

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