[DigitalToday reporter Ji-young Lee] Mobile financial platform Hanpass declared it is expanding into a comprehensive living and finance platform for foreigners.

Hanpass held a press briefing on March 12 in Yeouido, Seoul, and unveiled the company’s competitiveness and future growth strategy. It plans to enter the KOSDAQ market on March 25, continue upgrading its services and raise long-term corporate value through global market expansion.

Hanpass has built a global MTO (Money Transfer Operator) network of more than 50 partners and remittance infrastructure covering about 200 countries. It provides financial services for foreigners based on its global settlement network and multilingual customer support system.

It supports customer consultations 365 days a year in about 20 languages. It also offers more than 18 languages in its mobile application, building a service environment focused on foreign users. These global networks and multilingual service capabilities are assessed as an important competitive strength in the foreigner financial services market.

Shin Ji-hyun (신지현), executive director in charge of business, said in a presentation, "We are a company that provides everything for foreigners." He explained that its ability to manage and operate the specialised foreign-exchange area and its know-how in the foreigner market differentiate it from big tech companies.

He added, "We are building the only on-the-ground customer touchpoints in Korea that cover foreigners’ entire life cycle." He said the company will push its platform strategy centred on expanding services for visitors to Korea and expanding into global markets.

On global expansion, the company expects it will be able to customise and meet country-specific requirements easily because it has already built bank-level global security and infrastructure. It is preparing services for Japan and Australia after securing licences, and it is pursuing the Philippines.

On stablecoins, Shin said, "Stablecoins are one of the good tools needed to provide remittance services." He said, "When it becomes institutionalised, what regulators worry about most will probably be IT and compliance. We have built a system that can enter the market immediately based on a solid framework," he stressed.

Hanpass’ strategy is to quickly identify foreign customers’ living needs through this data base and expand its business into a platform that combines financial and living services.

Kim Kyung-hoon (김경훈), chief executive officer of Hanpass, said, "As the number of foreign residents increases and global movement expands, the importance of financial infrastructure for foreigners is growing." He added, "We will grow into a platform company that connects financial and living services and raise long-term corporate value through global market expansion."