KEB Hana Card and Alliex signed an agreement for card processing system business.
On November 23, KEB Hana Card announced that it has signed a business agreement with Alliex through which it will cooperate to provide card payment processing services, thereby entering credit card markets in China and other Southeast Asian countries. Alliex is a credit card payment authorization and processing service provider.
KEB Hana Card plans to collaborate with Alliex to provide payment processing services to local Chinese banks that possess licenses for overseas card payments but lack the system and infrastructure for payment processing. Through this service, such banks may issue authorizations and process payments for overseas card purchases and settle payments with international card companies, such as VISA and Master Card.
KEB Hana Card and Alliex agreed to launch the credit card payment processing service in China and plan to expand into Southeast Asian markets, including Vietnam and Laos.
Hong Pil-tae, head of the Future Business Division of KEB Hana Card, said: “Due to the tight competition in the domestic payments market, it is necessary for us to explore overseas markets. We are confident that the expertise and technology of KEB Hana Card will be more than a match for the competition in these overseas markets. Furthermore, through our collaboration with Alliex, we will be able to enter global markets and provide a variety of services while creating significant synergy.”