JB Financial Group buys second-largest stake in remittance app Hanpass

Finance

Published: 21 Dec. 2023, 18:38

JB Financial Group buys second-largest stake in remittance app Hanpass

JB Financial Group Chairman Kim Ki-hong, left, and Hanpass CEO Kim Kyung-hoon. JB will acquire 15 percent of Hanpass, a mobile overseas remittance service provider, as part of its plans to expand services to foreigners. [JB FINANCIAL GROUP]

JB Financial Group will acquire a 15 percent of stake in Hanpass, a mobile overseas remittance provider, to become its second largest shareholder.

JB, which runs Jeonbuk Bank, plans to leverage the deal to expand loans and digital financial services to foreigners, the firm said on Thursday.

Hanpass, established in 2017, has some 570,000 foreign customers and 140,000 monthly active users. The annual remittances it processed last year totaled 1.4 trillion won. The company plans to push for an initial public offering, though a date is yet to be confirmed.

JB Financial Group Chairman Kim Ki-hong said the company will create a solid digital ecosystem by pursuing joint growth with fintech firms.

BY JIN MIN-JI [jin.minji@joongang.co.kr]