GLN International, Signs MOU with Fonepay to explore possible collaboration opportunities for cross-border QR payment between Korea and Nepal

SEOUL, South Korea, March 22, 2024 /PRNewswire/ -- GLN International (Kyungho Kim, CEO), a global payment network provider company, announced that it signed an MOU with Fonepay Payment Service Ltd, Nepal's largest payment network, to explore opportunities to integrate its system to provide cross-border QR payment between Korea and Nepal.

Under the scope of this MOU two companies will explore necessary regulatory, operational technical and commercial viability to integrate its payment processing switch to facilitate cross border QR code-based payments between Korea and Nepal. This collaboration between GLN and Fonepay will start with Korea outbound QR payment service. GLN users traveling to Nepal will be able to utilize cashless, cardless, and hassle-free real-time QR payment services at over 1.3 million offline stores across Nepal through apps such as Hana 1Q, KB Wallet, iMBank, Toss, Hana Money and GLN App.

As an important strategic region in the GLN's layout, Nepal holds a significant position within GLN's Asian business landscape. Previously, GLN has successfully expanded its payment network to Southeast Asian regions such as Thailand, Laos, Vietnam, Singapore, Cambodia as well as Northeast Asian regions including Japan, Hong Kong, and Taiwan. The collaboration with Fonepay indicates GLN's initiation of expansion plans towards Central Asia and other Asian regions. It is reported that GLN will further expand to regions like Philippines and Mongolia in the near future, to offer a wider range of cross-border payment services for global GLN partners' customers including Korea, and provide a payment network in Korea for visitors from these corresponding regions.

"In line with our commitment to delivering cross-border payment services worldwide, GLN is excited to embark on this collaborative journey with Fonepay," remarked the CEO of GLN, Kyungho Kim. "This strategic partnership not only underscores our dedication to expanding into new territories but also reinforces our mission to provide innovative payment solutions that transcend borders."

CEO of Fonepay Mr. Diwas Kumar said, "We are thrilled to be collaborating with GLN to expand our services among the Koreans and people in GLN partners' regions and is aligned with our international expansion drive in the recent times. This collaboration will help use technology to unlock new opportunities, enhance financial inclusion and contribute to creating a thriving digital economy in Nepal."

source: GLN International