StoneX Group Inc. (NASDAQ:SNEX) announced today that the Payments Division of its London-based subsidiary, StoneX Financial Ltd (SFL), has entered into a correspondent banking relationship with Hana Bank’s London branch, marking a significant expansion of StoneX’s existing strategic partnership with Hana Bank’s head office in Seoul.
Hana Bank, one of South Korea’s foremost commercial and foreign exchange banks, leverages StoneX Payments’ cross-border FX payment platform to provide cost-effective and seamless access to local currency payments in Latin America, the Middle East, and Asia.
This partnership will allow Hana Bank to better serve the needs of its international corporate clients operating across global markets. The new arrangement between SFL and Hana Bank London builds on the strong foundation already in place between the parties and represents the next phase of the successful partnership.
By integrating Hana Bank into SFL’s global network of correspondent banks, both institutions will be able to better serve increases in Korean won (KRW) flows into Korea. The new initiative will greatly enhance SFL’s ability to settle KRW transactions into Korea and strengthen Hana Bank’s ability to deliver comprehensive FX and remittance services to its broad client base.
Chiwoo Lee, Deputy General Manager, Hana Bank London, said:
“With our FX expertise, 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 with extended operation hours for KRW transaction facilitation.”
Commenting on StoneX Payments’ strategic expansion, Thiago Vieira, Global Head of StoneX Payments, said:
“Hana Bank’s growing global ambitions make them an ideal partner for our financial institution client platform. As we continue to execute on our Asia expansion strategy, we are thrilled to take our partnership with Hana Bank to the next level—providing customers with access to broader emerging-market currencies while offering StoneX clients a more efficient way to execute payments into Korea.”
Won Kyung Cho, Head of StoneX Payments Korea, said:
“We see immense potential in leveraging Hana Bank’s expertise to deepen our capabilities and support ever-increasing KRW payment demand. Through the advanced capabilities both organizations bring to the table, we anticipate this partnership will unlock new opportunities and business potential for Korea-related companies.”
