StoneX Payments Expands Hana Bank Partnership to Boost Cross-Border KRW Transactions
StoneX has announced that the Payments Division of its London-based subsidiary, StoneX Financial Ltd (SFL), has entered into a new correspondent banking relationship with Hana Bank’s London branch. The agreement marks the latest stage in an expanding partnership with Hana Bank’s head office in Seoul and represents a significant step in strengthening cross-border payment infrastructure between Europe and South Korea.
Hana Bank, one of South Korea’s leading commercial and FX banks, already relies on StoneX Payments’ cross-border FX platform to deliver cost-effective access to local currency payments in markets across Latin America, the Middle East, and Asia. By extending the relationship to London, both institutions aim to provide global corporates with more seamless settlement of Korean won (KRW) flows, particularly as demand for efficient Korea-related transactions continues to rise.
Chiwoo Lee, Deputy General Manager at Hana Bank London, explained:
“With our FX expertise, it’s great to not only contribute to StoneX’s KRW payment capabilities, but also to align with the Korean government’s intent to open up the FX market with extended operation hours for KRW transaction facilitation.”
Enhancing Settlement Capabilities for Korean Won
By integrating Hana Bank London into its global network of correspondent banks, StoneX Payments can now strengthen its ability to settle KRW transactions into Korea with greater efficiency. This development also capacity to expand its FX and remittance services to international corporate clients with operations spanning global markets.
Thiago Vieira, Global Head of StoneX Payments, described the significance:
“Hana ambitions make them an ideal partner for our financial institution client platform. As we continue to execute on our Asia expansion strategy, we are thrilled to take our partnership with Hana Bank to the next level—providing customers with access to broader emerging-market currencies while offering StoneX clients a more efficient way to execute payments into Korea.”
The enhanced collaboration reflects the increasing demand for Korea-focused FX answers, particularly as the government introduces reforms aimed at liberalising accessibility for international participants.
Unlocking New Opportunities in Asia’s FX Markets
The partnership also signals StoneX Payments’ commitment to expanding its Asia strategy by leveraging local market expertise and regulatory developments. Hana Bank’s London presence, coupled with StoneX’s global cross-border corporates viewking reliable, compliant, and cost-effective KRW payment answers.
Won Kyung Cho, Head of StoneX Payments Korea, commented:
“We view immense potential in leveraging Hana Bank’s expertise to deepen our capabilities and support ever-increasing KRW payment demand. Through the advanced capabilities both organizations bring to the table, we anticipate this partnership will unlock new opportunities and business potential for Korea-related companies.”
As the Korean market evolves, StoneX and Hana Bank’s expanded collaboration provides a timely and strategic response to clients’ needs for efficient FX management and robust cross-border settlement. The move not only enhances liquidity in KRW transactions but also positions both institutions as leaders in facilitating global trade and investment flows.
Investor Takeaway
