StoneX Financial Ltd (SFL), the London-based payments arm of StoneX Group, has strengthened its relationship with Hana Bank by establishing a new correspondent banking agreement with the South Korean lender’s London branch.
StoneX and Hana Bank Expand Partnership to Boost Cross-Border Payments
The expanded partnership aims to enhance Korean won (KRW) payment flows into Korea and support the rising demand for international corporate transactions.
By linking Hana Bank London into SFL’s global correspondent network, the deal is expected to improve the ability of both firms to provide efficient, cost-effective foreign exchange and remittance services.
Hana Bank already leverages StoneX Payments’ platform to facilitate local currency transactions across Latin America, the Middle East, and Asia.
The new arrangement is said to allow Hana Bank to expand its service to global clients while providing StoneX with greater capability in KRW settlement.
Chiwoo Lee, Deputy General Manager of Hana Bank London, said the move aligned with the Korean government’s policy to extend FX trading hours. “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,” he noted.
Thiago Vieira, Global Head of StoneX Payments, called Hana Bank an “ideal partner” for StoneX’s Asia expansion, while Won Kyung Cho, Head of StoneX Payments Korea, said the agreement would “unlock new opportunities and business potential for Korea-related companies.”
