Korea Financial Telecommunications and Clearings Institute connects to MegaLink
Above photo shows the MOA signing with (seated, L-R) MegaLink Head-Product Devt and Mgmt Group Bernadette A. Ramos, President and CEO Benjamin P. Castillo with KFTC President and Chairman Chang Hun Song and International Business Team Head Min Je Kim. With them are (L-R) MegaLink IT and Operations Group Head Mikey Asiddao, ENCASH President Eric Severino, MegaLink Relationship Mgmt Head Jenny Tantan, BOC SVP Rodel Cayetano, DBP COO Bong Garcia, BSP Director Bella Santos, BSP Officer Nori Turaray, BDO Senior Manager Lizza Marquez, BDO FVP Ken Tiambeng, Plantersbank FVP Ado Yap, ENCASH COO Mayi Valdes, KFTC International Business Team Manager Byoung Min Lee and MegaLink Head-Quality Assurance and Risk Mgmt Mike Quimson.
As part of MegaLink’s goal to expand the network’s touchpoints, MegaLink has recently partnered with the Korea Financial Telecommunications and Clearings Institute (KFTC) to allow MegaLink cardholders to transact in enabled KFTC ATMs in South Korea. In turn, KFTC cardholders will have a similar option when transacting in enabled MegaLink ATMs across the country.
KFTC is Korea’s premier finance and payment settlement institution with expertise in establishing and managing interbank transactions.
MegaLink has been supporting the expansion of cross-border financial transactions as the mobility of its card members increases. It became the first country representative to the Asian Payment Network, an association of ATM consortia across the region of which KFTC is also a member. APN aims to establish common quality standards and guidelines and improve collaboration for domestic and region-wide switching, clearing and settlement of electronic payment transactions.
“The agreement expands MegaLink’s touchpoints to other countries, allowing our cardholders to have more options to access their finances when travelling. Locally, this will increase ATM usage, for which MegaLink is uniquely prepared with our new switch. The expansion is all in line with MegaLink’s direction in providing the widest reach for products and services that efficiently transfer values and information to our members.” said Benjamin P. Castillo, MegaLink President and CEO.
The Philippines currently has over 100,000 Korean residents, and Korean tourist arrivals have reached up to 650,000. MegaLink is the first local financial services provider to specifically offer ATM balance inquiry and withdrawals for this growing market through a Korean partner institution.
Aside from acquiring transactions from KFTC cardholders, MegaLink will also be reaching the OFW market based in Korea. MegaLink hopes to expand the KFTC partnership to eventually include funds transfers and POS payments.
Founded in 1986, KFTC builds and operates various payment systems and electronic settlement services for its member banks. In 2007, it recorded annual transactions of up to 6.18 billion worth $9.47 trillion (11,805 trillion KRW).
MegaLink is now in talks to partner with other APN members, specifically the Malaysian Electronic Payment System and the Network for Electronic Transfers of Singapore. As part of its strategy to enable more international transactions over ATMs, MegaLink will soon make available cash advance services for international credit card partners such as MasterCard, Visa, JCB and China Union Pay.
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