[Click e-Stock] "Hanpass: Positive Stock Outlook Amid Surge in Foreign Visitors to Korea"

Research Alarm stated on April 20 that its outlook for Hanpass remains positive due to the surge in foreign visitors to Korea, setting a target price of 24,300 won for the stock.

Choi Seonghwan, a researcher at Research Alarm, wrote in a report that, "The number of foreigners residing in Korea increased from 1.96 million in 2021 to 2.78 million last year, and the number of inbound foreign visitors is also on the rise. The increasing proportion of long-term foreign residents leads directly to greater demand across all aspects of daily life, including remittances, payments, transportation, and finance. This is considered a key indicator supporting the growth of the financial and lifestyle service market targeting foreigners."

Hanpass is a fintech company specializing in small-amount overseas remittances for foreigners residing in Korea. It employs a "pre-funding" model, in which funds are deposited in advance with overseas partners and paid out locally on demand. Compared to conventional bank remittance (SWIFT), this allows transfers to be completed in approximately five minutes, with fees kept low at around 5,000 won. The company has grown through recurring small remittance needs and is now expanding its business scope to become a financial and lifestyle platform for foreigners.

Hanpass is extending its services beyond simple remittances to include mobile wallets, prepaid cards, mobility, utility bill payments, and job search services, offering solutions closely connected to daily life. The platform’s features, such as foreign currency loading, payment, and mobility, can also be applied to foreign tourists and business travelers in Korea, which is expected to help secure additional customers and generate further fee income.

Researcher Choi said, "The projected revenue breakdown for 2026 is 78% from digital remittances, 15% from mobile wallets, 5% from prepaid cards, and 2% from other sources. As preemptive investment in platform expansion wraps up, profitability is also expected to improve. We forecast next year's revenue at 8.3 billion won and operating profit at 1.1 billion won, and anticipate a revaluation of the platform's value as the number of foreigners residing in Korea increases steadily and inbound foreign visitors surge."

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