Shinsegye Department Store will join in KEB Hana Bank’s blockchain-based global payment network called Global Loyalty Network (GLN).

A total of 57 companies from 14 countries joined in the network. The network enables the participating companies to transfer cash, settle the payment, and withdraw some money around the globe.

Money exchange services become more convenient than ever as currency rates are automatically set on a real-time basis, a KEB Hana Bank spokesman said.

Shinsegye members will use the KEB Hana Bank’s blockchain-based payment platform.

The bank has launched its payment platform in Thailand last May. The bank expects about three million merchants to use the service.

The bank will expand the services in Japan, Hong Kong, Singapore, Vietnam, and other Asian countries.