Fonepay Payment Service Ltd, Nepal’s largest payment network and GLN International (Kyungho Kim,CEO), a global payment network provider company, announced that it signed an MOU to explore opportunities to integrate its system to provide cross-border QR payment between Nepal and Korea.
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 its participating members in Nepal and Korea. 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 banking 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, as well as Northeast Asian regions including Japan 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 Mongolia and Indonesia in the future, to offer a wider range of cross-border payment services for Korean customers 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 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 in creating a thriving digital economy in Nepal.”