SEOUL – Hanpass, South Korea’s leading overseas remittance platform for foreign residents, is accelerating its leap toward becoming a "Comprehensive Lifestyle Platform for Foreigners" as it prepares for its upcoming listing on the KOSDAQ market. Beyond its core financial services, the company plans to integrate an all-encompassing suite of services—including lending, mobility, and insurance—covering the entire life cycle of foreign nationals.
On March 12, Hanpass held an Investor Relations (IR) conference at a hotel near Yeouido, Seoul, to unveil its post-IPO vision and strategic business roadmap.
IPO Timeline and Financial Goals
Celebrating its ninth anniversary this year, Hanpass is scheduled to list on the KOSDAQ on March 25, 2026. The company will finalize its demand forecasting today (March 12) and open general subscriptions from March 16 to 17. The expected public offering price range is set between 17,000 KRW and 19,000 KRW, with the total offering size estimated at approximately 18.7 billion to 20.9 billion KRW.
"Hanpass is not just a finance firm; it is a company that provides 'everything for foreigners,'" said Shin Ji-hyun, Executive Director of Business Operations at Hanpass. "Our strength lies in a structure where we can generate revenue from both charging and payments by expanding our wallet business specifically for 'unbanked' customers who lack traditional bank accounts."
Expanding the Horizon: From Residents to Tourists
The company’s vision involves evolving into an integrated "Finance & Life Solution" app, ensuring that charging, payments, and service usage for foreigners in Korea occur seamlessly within the Hanpass ecosystem.
Furthermore, Hanpass plans to expand its target demographic from domestic foreign residents to include inbound tourists and foreigners residing abroad. To capture the tourism market, the company plans to launch a dedicated app for visitors to Korea within this year.
"As of the end of last year, while the number of foreign residents in Korea stood at 2.78 million, the number of annual visitors reached 20 million," Shin noted. "We will build a total service infrastructure that covers payments and mobility for every foreigner visiting Korea."
Innovative Financial Solutions and Global Expansion
Hanpass also intends to introduce a loan comparison service tailored for foreigners. Lim Sang-taek, Chief Strategy Officer (CSO) of Hanpass, highlighted the financial burden on migrants: "Many foreigners enter Korea after taking out high-interest loans in their home countries. We aim to help them reduce financial costs by allowing them to compare those rates with domestic Korean loan options."
The capital raised through the IPO will be primarily funneled into nurturing subsidiaries in Japan and Australia. The strategy is to export the security technology and infrastructure established in Korea to the global market. Japan and Australia host approximately 3.95 million and 8.20 million foreign residents, respectively, representing significant growth potential. Hanpass is also actively hiring local talent and pursuing licenses in the Philippines.
A Robust Business Model
The company emphasized its high profitability and its extensive Money Transfer Operator (MTO) network as competitive moats. "Over the past four years, our average annual operating profit growth rate has reached 121%, significantly outpacing our revenue growth rate of 46.8%," Shin emphasized. She added that the company's partnerships with over 50 global entities create a high barrier to entry for new competitors.
Looking toward the future of fintech, Hanpass anticipates that the institutionalization of stablecoins will revolutionize remittance structures. "Currently, we must pre-fund foreign currency by purchasing USD in advance," Shin explained. "Utilizing coins will reduce the burden of pre-funding and increase utility in the high-volume B2B remittance market."
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