Visa Signs License Agreement with 'MobileTong'

Visa Brand Foreign Currency Prepaid Card Scheduled for Release in the First Half of This Year via Travel Wallet

[Asia Economy Reporter Ki Ha-young] Visa announced on the 1st that it has signed a license agreement with MobileTong, a fintech startup behind TravelWallet.

Starting with this contract, MobileTong plans to launch a foreign currency prepaid card product that allows real-time charging and usage in various overseas currencies within the first half of this year.

MobileTong is a fintech company that develops and operates TravelWallet, a mobile app service offering easy currency exchange, remittance, and payments at the lowest exchange rates. Last year, it participated in Visa's fintech contest, the Visa Everywhere Initiative (VEI), advancing to the finals with a business model linking TravelWallet and Visa prepaid cards. Since then, it has completed Visa's fintech acceleration program, Fintech Fast Track, and collaborated with the Asia-Pacific regional headquarters' Innovation Center, preparing for the signing of the Visa license agreement.

In particular, MobileTong is the first domestic beneficiary of Visa's Fintech Fast Track program, which lowers financial qualification requirements and simplifies contract procedures to make it easier for fintech companies to become members. By becoming a full member of Visa, MobileTong has established a foundation for future growth, including direct issuance of card products, customer expansion, revenue increase, and entry into new businesses.

Patrick Yoon, President of Visa Korea, said, "We will continue to create various collaboration opportunities, such as expanding nurturing programs like Fintech Fast Track to more domestic fintech companies, and strive for the development of the domestic fintech industry."

This content was produced with the assistance of AI translation services.