November 29, 2024

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Toss Securities CEO Oh Chang-hoon(left) and Hana Bank official Namgoong One pose for a photo after signing a memorandum of understanding to jointly provide around-the-clock service for FX trading. (Hana Bank)

Hana Bank on Thursday signed a memorandum of understanding with Toss Securities, the brokerage arm of fintech company Viva Republica, to jointly provide around-the-clock service for foreign exchange trading.

“Through continuous cooperation with various financial companies like Toss Securities, we will create a new trend in the foreign exchange market,” Hana Bank official Namgoong One said in a statement.

According to Hana Bank on Friday, the bank will mainly provide exchange rate information that it acquired using an application programming interface to Toss Securities so that the partner firm's clients can use them when trading. In return, Toss Securities will be providing the client's information.

In particular, providing these exchange rates after the normal operating hours for transactions in the Seoul Foreign Exchange Market—from 9 a.m. to 3:30 p.m.—will be useful for many investors who had to trade without knowing the specific rate, Hana Bank stressed.

Since launching the online foreign trading platform Hana FX Trading System in May 2020, the bank has been focusing on advancing its technology in the field with hopes to lead the future market.

By Song Seung-hyun (ssh@heraldcorp.com)