Kiwoom Securities is joining hands with global foreign exchange and payments platform Travel Wallet to pursue new business in digital assets and embedded finance.

Kiwoom Securities and Travel Wallet said on Wednesday they signed a strategic memorandum of understanding on Aug. 5.

The companies will combine Kiwoom Securities’ retail investment infrastructure with Travel Wallet’s digital wallet infrastructure. They plan to push ahead with research into next-generation digital asset businesses and the development of embedded finance services.

Embedded finance links financial functions such as account inquiries and order placement by financial companies to external platforms or services.

Kiwoom Securities plans to link services so Travel Wallet users can trade customised financial products based on foreign currencies they hold, including dollars and yen. It aims to expand customer touchpoints by reducing the steps required to move to a separate financial platform.

The companies will also jointly plan services aimed at key users including those in their 20s and 30s, such as fractional investing and instalment-based financial content designed to improve accessibility.

Um Ju-sung (엄주성), CEO of Kiwoom Securities, said, "This agreement is a first step in applying investment infrastructure to the lifestyle area of travel," and added, "We will provide financial convenience to users of both companies."