Hana Bank announced on Oct. 1 that it will reorganize its dealing room to widen the gap with competitor banks in foreign exchange (FX) trading capabilities in the rapidly digitizing foreign exchange (FX) market, a move which is in line with the implementation of the Korean government’s Foreign Exchange Market Structure Improvement Plan.
The reorganization of the dealing room is aimed at providing differentiated FX services that can maximize customer value by preemptively responding to paradigm changes in the foreign exchange market of Korea, providing more convenient FX trading services by operating an efficient FX platform, and preempting the FX market by securing price competitiveness in spot, forward, and derivative products.
FX trading has become commonplace in developed markets around the world, and has seen a surge in trading volume in Korea since the implementation of the FX market structure improvement plan.
By establishing an organization optimized for digital FX trading, Hana FX Trading System, which has been leading the Korean FX market since its launch in May 2020, will be able to further enhance its operations.
As part of the reorganization, Hana Bank will assign FX, derivatives, and securities operations specialists from the FX Platform Division, the Securities Operations Division, the FX Derivatives Operations Division, and the Money Market Sales Division, which are departments within the Money Market Group to which the Dealing Room belongs to the FX Platform Division, the Securities Operations Division and the newly created Derivatives Operations Division and FX Derivatives Sales Division.
In particular, the FX Platform Division will be expanded and reorganized to centralize trading functions and to quickly and proactively transition to platform trading.
This will enable the efficient operation of a digital FX trading platform that enables 24-hour trading at competitive prices and accelerate global business expansion following the opening of the Korean FX market.
The FX Derivatives Sales Division will be reorganized by bringing in personnel from the Money Market Sales Division to provide foreign exchange and derivatives services at the highest level in Korea based on systematic customer management covering both the online and offline sectors.
The Securities Management Division and the Derivatives Management Division will expand their stable and sustainable profit-making base by implementing proactive and specialized trading strategies in response to market changes.
“This reorganization will further consolidate Hana Bank’s position as an FX powerhouse representing the Korean FX market amidst new global competition that will unfold as a result of the implementation of measures to improve the structure of the Korean FX market,” said Lee Seung-lyul, president of Hana Bank.
“We will continue to provide more convenient and differentiated FX services by operating an efficient field- and customer-centric dealing room organization optimized for 24-hour trading.”
Opening of Pyeongtaek Foreign Customer Center
On Sept. 19, Hana Bank announced the opening of the Pyeongtaek Foreign Customer Center, a specialty store for foreigners located in Pyeongtaek-dong, Pyeongtaek of Gyeonggi Province.
The Pyeongtaek Foreign Customer Center was set up to provide differentiated financial services to foreigners working and living in southern Gyeonggi Province including Pyeongtaek, Hwaseong, and Anseong where many foreigners live.
The Pyeongtaek Foreign Customer Center is exclusively operated for foreign customers. It has introduced an AI-based real-time multilingual translation system, digital devices to guide foreign customers in banking, and a multilingual Western-style writing help program to increase the convenience of multinational customers.
In particular, the Real-Time Multilingual Interpretation Service is now available in 38 languages including English, Thai, and Malay.
Foreign customers and bank employees can speak in their native languages and the conversation is displayed on devices in each other’s language.
The Pyeongtaek Foreign Customer Center opens every Sunday from 10 a.m. to 4 p.m. for foreign workers who have difficulty visiting the bank on weekdays.
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