Yanolja signs an MOU with Citibank to expand overseas

Finance

Published: 24 May. 2021, 16:47

Yanolja signs an MOU with Citibank to expand overseas

Citibank Korea CEO Yoo Myung-soon, fifth from left, Yanolja CEO Lee Su-jin, fourth from left, and related officials from the two companies pose for a photo after signing a partnership on Friday at Yanolja headquarters in Gangnam District, southern Seoul. [CITIBANK KOREA]

Citibank Korea has signed a memorandum of understanding with Yanolja, an online hospitality company.

In Korea, Yanolja runs a reservation system for accommodations and leisure activities. Globally it offers a cloud-based property management system, a type of digital solution specialized for the hospitality industry, to enterprise clients.

According to Citibank Korea, Yanolja will expand its global business by utilizing the worldwide network of Citigroup, the Korean banking unit's parent. While the Korean start-up currently offers its hospitality solutions to over 30,000 clients in 170 countries, it plans to ink more licensing deals and enter new markets through the latest partnership with Citibank Korea.

The banks said it will build on Yanolja's client data to develop and offer global payment solutions specialized for the hospitality industry.

"Citibank will leverage its global network to serve as a stepping stone for Korean companies to make inroads into global markets," said Yoo Myung-soon, CEO of Citibank Korea.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]