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Hana Bank to help develop QR payment system for use in Korea and Vietnam

Published: 13 Aug. 2025, 13:50

YOON SO-YEON
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Hana Bank CEO Lee Ho-sung, right, and Bank for Investment and Development of Vietnam (BIDV) CEO Le Ngoc Lam pose for photos after signing a partnership agreement at the Korea-Vietnam Business Forum held at Lotte Hotel in central Seoul on Aug. 12. [HANA BANK]

Korea's Hana Bank and the Bank for Investment and Development of Vietnam (BIDV) are partnering up to jointly develop a transborder QR payment system for Korea and Vietnam, the two banks said Wednesday.

The heads of the two banks — Hana Bank CEO Lee Ho-sung and BIDV CEO Le Ngoc Lam — signed an agreement on Tuesday at the Lotte Hotel in central Seoul during the Korea-Vietnam Business Forum.

Through the agreement, the two banks will develop a service that will allow Korean and Vietnamese citizens to use a convenient and efficient QR payment system for facilitating active financial transactions. The move is expected to tighten the partnership between the two countries.

"The essence of this agreement lies in the joining of the Korea's leading digital finance technology and Vietnam's broad-range payment network system," said Lee.

"Hana Bank will work to establish a QR payment ecosystem that will contribute to the growth of both countries' economies and allow everyone — small business owners and tourists — to enjoy the fruits of this partnership."

Hana Bank acquired 15 percent of BIDV's shares to build a strategic partnership. The two banks continue their digital partnership through Hana Bank's subsidiary GLN International.

In 2022, GLN International and BIDV launched a QR cash withdrawal service that can allow Hana Bank users to withdraw cash with a QR code across 2,100 BIDV ATM machines across Vietnam.

The fortified partnership between Hana Bank and BIDV, as well as the business forum, comes as part of a series of announcements that came in the light of Vietnamese General Secretary To Lam's visit to Korea. The forum was attended by some 500 business insiders and major political delegates from Korea and Vietnam.

BY YOON SO-YEON [[email protected]]