Hana Bank said Tuesday it signed a partnership deal with Japan’s largest payment processing company, GMO Payment Gateway, to launch a cross-border payment and settlement system for domestic companies expanding into Japan.

Under the partnership, Hana and GMO will collaborate in providing a wide range of services Korean companies from expert consulting for starting businesses and launching franchises in Japan to assistance on transferring e-commerce sales generated in Japan.

Thier collaboration on overseas payment simplified settlement Service will allow Korean companies operating in Japan easily send money to Korea through Hana Bank's internet banking, without visiting a bank in Japan. This arrangement also entails advantageous conditions on transfer fees.

“As more domestic companies expand overseas, we provide a foundation to meet the needs of Korean firms for integrated global cash management services,” a Hana Bank official added. “We will continue to expand services that can enhance the global competitiveness of domestic companies.”

Besides the service, Hana Bank will provide comprehensive support in response to the growing aspiration among domestic e-commerce enterprises to enter the Japanese market. The bank is set to utilize GMO-PG's network of local partners for localization consultancy, online platform development, licensing challenges, and logistics.

GMO-PG, listed on the Tokyo Stock Exchange Prime Market, stands as Japan's foremost payment processor in terms of transaction volume, with an annual online payment processing figure of approximately 10.6 trillion yen ($70 billion). The company provides a broad spectrum of payment options including credit cards, simplified payments, and electronic money through its payment platform service tailored for the Japanese e-commerce sector.