Hanpass: "International Remittance User Metrics No. 1 in the Industry... Two to Three Times Those of Competitors"

[Financial News] Hanpass, a financial platform for foreign residents, said on the 23rd that it remains No. 1 in South Korea's international remittance industry, with key user metrics—including subscriber numbers and monthly active users (MAU)—two to three times those of its competitors.
According to Hanpass, its cumulative subscriber base stands at approximately 1 million, about twice the approximately 510,000 subscribers reported by its competitor. Its MAU reached 550,000, nearly three times the competitor's approximately 190,000. Monthly active payment users (MAPU) totaled 250,000, also exceeding the competitor's approximately 130,000.
Building on this customer base, Hanpass recorded approximately 600,000 monthly remittance transactions and a monthly remittance volume of approximately 440 billion won this year. The company's own estimate puts its market share at approximately 22%.
Its non-remittance businesses are also growing. Transaction volume from new businesses such as wallets and prepaid cards rose from 1.1 billion won in 2021 to 265.3 billion won last year. Non-remittance revenue reached 7.29 billion won in the first half of this year, up 21.1% from the same period a year earlier, and accounted for 23.2% of total revenue.
Hanpass is also continuing to invest in expanding its platform. Since 2022, it has invested approximately 15 billion won annually to expand payment and telecommunications services for foreign residents. Through this strategy, the company aims to strengthen its position in South Korea's foreign-resident consumer market, which it estimates to be worth approximately 150 trillion won.
Going forward, Hanpass plans to focus on enhancing its loan brokerage services and expanding overseas. It aims to connect customers with suitable financial products and broaden its financial services portfolio.
Overseas, the company is targeting Koreans who travel between South Korea and their countries of residence, as well as migrant workers in Asia. In Australia and Japan, which attract large numbers of migrant workers, international students and long-term residents, Hanpass has secured the relevant licenses and is preparing to launch remittance infrastructure. It is also pursuing entry into major markets, including the Philippines.
A Hanpass official said, "Our strategy of focusing for years on building a foreign-customer base and a platform ecosystem rather than pursuing short-term profits is translating into business results. Building on the platform competitiveness we have accumulated in the domestic market, we will expand our loan brokerage services and accelerate our entry into major Asian markets to become a global cross-border financial platform."

[email protected] Choi Du-seon Reporter