The digital wallet service, developed by the Hana Financial Group in Korea, will be implemented in Canada. It is the first case of FinTech, developed with local technology, to be implemented overseas.
The Hana Financial Group announced on January 22 that it completed the implementation of the ‘One-Cue Platform,’ the channel and banking system of the Canadian subsidiary of the Korea Exchange Bank, and will build the ‘N Wallet’ system, a digital wallet service. If the One-Cue Platform is stabilized, it is forecast to start implementing the N Wallet system in earnest. As early as the second half, the Korean-style digital wallet service will be commercialized in Canada. Related article in the economy and science section
The Hana Financial Group applied the One-Cue Platform to the existing channel and banking system of the Canadian subsidairy of the Korea Exchange Bank, and re-implemented it. The One-Cue Platform has various channel support and core banking functions, such as the smart channel and call center. The Canadian subsidiary of the Korea Exchange Bank, which has 6 branches, will capitalize on the One-Cue Platform to expand its business scope from corporate finance to retail banking for Canadian citizens. The N Wallet service is part of the expansion into the retail banking sector.
The Hana Financial Group will apply the service to the Canadian subsidiary of the Korea Exchange Bank, go through the market evaluation process, and consider applying it to other foreign subsidiaries. “The One-Cue Platform will have three phases in total,” said Kim Jeong-tae, chairman of the Hana Financial Group. “Stage 1 will enable Internet banking, smartphone-based installment savings and overseas remittance, and stage 2 will bring in the digital wallet and eMortgage service.” Stage 3 is to bring it to the Korean market and expand the FinTech business model.
The digital wallet service, scheduled to be provided by the Canadian subsidiary of the Korea Exchange Bank, is very meaningful in that a local FinTech technology is implemented for the first time in a foreign country. Some financial experts point out that there is a limit to the growth of FinTech services like the digital wallet in Korea due to various regulations. The Hana Financial Group chose a foreign country over Korea as the venue for developing and invigorating FinTech services.
The Hana Financial Group said that it would invest heavily in the electronic payment and mobile payment business this year. “Instead of separating offline channels and online non-face-to-face channels, we will seek a convergence ‘omni channel’ strategy,” said Chairman Kim. “We are combining the smart environment with the branch-centered marketing to improve our business processes.” It means that it would implement the MOT-based ‘Touch Point’ in the mobile environment.