Woori Bank is developing a foreigner-only digital wallet to improve payment convenience for foreign visitors to South Korea.

Woori Bank said on June 11 it signed a memorandum of understanding on June 10 with fintech startup Crosshub to improve payment convenience for foreign visitors and jointly develop services.

The two aim to jointly develop a “foreigner-only digital wallet” for launch in the second half. Foreign customers would register passport information and a payment method once, then use easy payments without additional authentication on major domestic lifestyle platforms such as transportation, delivery and shopping.

They also plan to introduce a foreigner-only prepaid card that visiting foreigners can charge in their home currency and use in South Korea.

They will also pursue tests of a domestic payment environment using foreign currency-based stablecoins. The plan is to verify the feasibility of building future payment infrastructure that can improve payment convenience for foreign visitors.

Lee Chang-hwan (이창환), deputy head of Woori Bank’s Digital Innovation Department, said this would improve financial access and payment convenience for foreign visitors. He said the bank would expand cooperation with innovative startups and strengthen digital finance competitiveness through demonstrations of future financial technologies.