Chairman Kim Jung-tai holds a copy of an MOU signed with President Loie Le Guisquet of Oracle EMEA and JAPAN, for mutual cooperation on GLN’s successful launch of services and global expansion and collaboration on new technologies such as blockchain and AI, among others. (Photo: HFG)

Hana Financial Group will focus on fintech instead of M&As as a major part of its management strategy to spur growth, Chairman Kim Jung-tai said recently. The chairman unveiled the group’s strategy at a meeting with reporters held at the Korea Federation of Banks building in Myeong-dong, downtown Seoul.

“We are going for fintech.” the chairman said in answering a reporter’s question as to why the group has not been that hot on M&As. The group has yet to conduct an M&A since it acquired Korea Exchange Bank in February 2012 and Korean Savings Bank in September of the same year thru M&As and not a single M&A in the seven years since.

The chairman said the decisive area is overseas for Korean financial institutions, and he is ready to lead the group to adopt fintech in many aspects of its operation to strengthen its position in global financial market. The group will boost the position of its Global Loyalty Network (GLN) to the extent that it will be a substantial global fintech platform model, a core of its future operation, Kim said.

Hana Financial Group (HFG) (Chairman Kim Jung-Tai) announced it signed a Memorandum of Understanding with Oracle in Singapore last year under which Oracle will work with HFG in the building and joint marketing of HFG’s Global Loyalty Network (GLN).

Kim said Loic Le Guisquet, president of Oracle EMEA & JAPAC, were in attendance at the MOU ceremony. Both companies confirmed their mutual cooperation for GLN’s successful launch of services and global expansion, and agreed to collaborate on new technologies such as blockchain, membership, e-money and AI through HFG’s business know-how and Oracle’s technology capabilities.

HFG will also modularize the results of the project, including digital asset exchange, and conduct consulting and sales.

Kim said, “Through this collaboration, we expect it will be easier for GLN to expand worldwide using Oracle’s leading and innovative cloud technologies that enable digital transformation.

Building a global digital asset transfer network is a level of innovation that is rarely seen around the world and when the global integration platform is built, GLN’s customers will be able to enjoy locally offered deals and discounts around the world.”

GLN is an innovative integrated platform network that enables financial institutions, retailers and point businesses, around the world to connect their digital platforms in one network to freely exchange and use digital assets and electronic money such as points and mileage.

The official gathering ceremony of GLN Consortium was held in November 2017 with 36 companies in 11 countries. It is currently under contract with 24 companies and detailed discussions are underway with 15 banks and 20 retailers.
Meanwhile, on Feb 2, ‘Coupon Mall PyeongChang Edition’ in connection with GLN was opened to keep pace with the hosting of the PyeongChang Winter Olympics.

This coupon mall is based on the global platform and is being provided in seven languages including English, Korean, Chinese and Japanese. This service will also be expanded to online channels in 17 countries including global subsidiaries of HFG in Canada, China, Indonesia and GLN’s consortium banks such as SuMi TRUST Bank in Japan and Taishin Bank in Taiwan.

Furthermore, a customer is able to experience coupon mall using promoting QR code when visiting foreign exchange counter of KEB Hana Bank at Incheon International Airport during the Winter Olympics.

Coupon mall offers foreign tourists visiting Korea during the PyeongChang Winter Olympics information on sightseeing, restaurants, and approximately 1,000 free coupons for major domestic cities such as PyeongChang, Seoul, Jeju, and Busan.