PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Hanpass is expanding from remittance for foreign residents in Korea into wallet, card, and tourism payments, even as the profit improvement seen in 2025 reversed into operating losses in the first half of 2026.
2025 consolidated revenue reached KRW 66.4 billion (up 20.2 percent year on year) with operating profit of KRW 8.2 billion and a 12.4 percent operating margin, both improving from the prior year.
Yet the company posted operating losses in both the first quarter (-KRW 0.75 billion) and second quarter (-KRW 3.12 billion) of 2026, with a second-quarter net loss attributable to owners of about KRW 4.9 billion.
Shareholders' equity, which was negative in 2024, turned positive to KRW 42.1 billion in 2025, marking an improvement in the balance sheet structure.
The company is pursuing a stablecoin-based settlement infrastructure pilot with Finger to explore new business lines.
Since its March 2026 KOSDAQ listing, the first full quarterly earnings pattern is now emerging, showing a gap versus pre-listing estimates.
Hanpass is a small-value overseas remittance fintech company whose core customers are foreign workers, international students, and expatriates residing in Korea.
It uses a pre-funding model with overseas money transfer operator (MTO) partners to offer faster transfers and lower fees than banks, connecting to more than 200 countries.
Research Alum estimated in an April 2026 report that Hanpass's revenue mix was 78 percent digital remittance, 15 percent mobile wallet, 5 percent prepaid card, and 2 percent other.
Separately, other media reports indicated the card business had grown to roughly 30 percent of total revenue, suggesting the card and non-remittance segments have been expanding their share over time.
KB Securities noted in a March 2026 IPO report that monthly active users (MAU) stood at about 420,000, with a 2022-2025 compound annual growth rate of 31.7 percent, and that cumulative overseas remittance volume had reached KRW 12 trillion across 17 million transactions.
A later company disclosure referenced cumulative remittance volume of about KRW 5.6 trillion as of end-May 2026, reflecting differing measurement points and scopes.
Beyond remittance, the company has expanded into mobile wallet, prepaid card, mobility, utility bill payment, and job-matching services tailored to daily life needs, and has more recently broadened its customer base to inbound tourists through its 'GoHanpass' platform in partnership with the Korea Tourism Organization.
Competitively, Hanpass occupies a niche position anchored on its foreign-resident-specific license and network, operating alongside general-purpose fintech and banking apps such as Toss, Kakaopay, and commercial bank apps as well as other foreign-resident-focused remittance operators.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | — | — |
| 2025Q3 | — | — | — |
| 2025Q4 | — | — | — |
| 2026Q1 | ₩17.1B | -₩700M | −4.4% |
| 2026Q2 | ₩14.4B | -₩3.1B | −21.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2024 | ₩55.3B | ₩5.2B | ₩4.4B | 9.4% | — | −405.3% |
| 2025 | ₩66.4B | ₩8.2B | ₩6.6B | 12.4% | 15.7% | 189.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Consolidated revenue in 2025 was KRW 66.448 billion, up 20.2 percent from KRW 55.297 billion in 2024, while operating profit rose sharply to KRW 8.229 billion from KRW 5.178 billion, lifting the operating margin from 9.4 percent to 12.4 percent.
Net income attributable to owners also grew 49.9 percent, from KRW 4.403 billion in 2024 to KRW 6.605 billion in 2025.
The balance sheet showed an equally notable shift: shareholders' equity, which was negative KRW 28.065 billion in 2024, turned to positive KRW 42.090 billion in 2025, normalizing the debt ratio from negative 405.3 percent to 189.6 percent.
Operating cash flow also swung from negative KRW 5.480 billion in 2024 to positive KRW 3.397 billion in 2025, indicating improved cash generation. First-half 2026 quarterly results, however, tell a different story.
First-quarter revenue was KRW 17.056 billion with an operating loss of KRW 0.747 billion, though net income attributable to owners stayed positive at KRW 0.652 billion.
Second-quarter revenue fell sequentially to KRW 14.416 billion, the operating loss widened to KRW 3.120 billion, and the net loss attributable to owners expanded to KRW 4.878 billion.
This marks a reversal from the revenue growth and margin improvement seen throughout 2025 into widening operating losses and a net loss in the first half of 2026, making this shift in the company's first full post-listing quarterly results a key point to monitor going forward.
The foreign-resident-focused fintech segment that Hanpass operates in sits against a structurally growing base of foreign residents in Korea. Research Alum's April 2026 report pointed to steady growth in the resident foreign population and a surge in inbound tourists as a potential tailwind.
At the same time, the market already has strong general-purpose incumbents such as Toss, Kakaopay, and commercial bank apps, making specialization in specific countries or customer segments a key competitive differentiator.
A broader industry theme is cross-border settlement infrastructure using stablecoins: the United States enacted the GENIUS Act in July 2025 to regulate payment stablecoins, building a federal framework covering issuance, circulation, and reserve management, and the dollar-pegged stablecoin market had grown to roughly USD 317 billion as of April 2026.
In cross-border remittance, global players such as MoneyGram have already commercialized services converting stablecoins into local fiat currency.
In Korea, academic analysis suggests financial authorities and the Bank of Korea have only recently begun designing a stablecoin regulatory framework, with calls for a system aligned with global standards described as urgent.
In this environment, an existing licensed remittance operator like Hanpass is positioned to potentially participate as a pilot partner in settlement innovation once regulation matures, though the timing and direction of that regulatory process remain uncertain, a risk shared across the industry.
In June 2026, Hanpass announced a strategic partnership with Finger to pursue a proof-of-concept for stablecoin-based global settlement infrastructure.
The two companies plan to advance four pilot programs in stages: a merchant network for Korean outbound payments, payroll and remittance automation for foreign workers, a GoHanpass Wallet 2.0-based payment platform, and a stablecoin-based B2B trade settlement API, prioritizing the Philippines, Japan, and Australia before expanding into Southeast Asia and Oceania.
Earlier, in January 2026, the company said it was preparing a dual structure to run stablecoin-based remittance and settlement alongside its existing fiat-based system, having formed an internal task force to review risk management requirements.
Research Alum's April 2026 report projected 2026 revenue of KRW 83 billion and operating profit of KRW 11 billion, though it should be noted this is an external analyst estimate rather than official company guidance.
In fact, the combined revenue and operating loss trend across the first two quarters of 2026 shows a considerable gap versus that estimate, making second-half performance a key variable in determining whether the annual projection can be met.
Whether GoHanpass platform traffic continues to grow alongside rising inbound tourism, and whether the card and non-remittance revenue share keeps expanding, are also worth monitoring.
Hanpass listed on KOSDAQ only in March 2026, so it lacks a long trading history from which to establish an extended valuation band.
Its price-to-book ratio trades at a level reflecting a modest premium over net asset value, which can be read as the market partially pricing in the 2025 balance sheet improvement that turned shareholders' equity from negative to positive.
The company has no dividend payment track record to date, so it is more reasonable to focus on business growth and the trajectory of profitability recovery than on dividend-based approaches.
Some brokerages set a target price citing growth in inbound foreign tourists, based on applying the average price-to-earnings ratio of comparable domestic fintech companies to its 2026 earnings estimate; readers should independently assess how consistent this remains with the operating losses subsequently disclosed for the first half of 2026.
Overall, the current valuation appears to be forming amid two diverging signals: the profit recovery seen through 2025 and the widening operating losses recorded in the first half of 2026.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-04
Hanpass is expanding beyond remittance into mobile wallet, prepaid cards, mobility, and tourism payments. Media reports indicate the card business has grown to about 30 percent of total revenue, underscoring the rising presence of non-remittance segments.
The GoHanpass platform targeting inbound foreign tourists, developed in partnership with the Korea Tourism Organization, serves as a channel to capture a new customer base.
Shareholders' equity, negative in 2024, turned to KRW 42.1 billion in 2025, improving the debt ratio from negative 405.3 percent to 189.6 percent. Operating cash flow also flipped from a deficit in 2024 to a KRW 3.4 billion surplus in 2025, showing that balance sheet risk eased around the listing period.
Through its partnership with Finger, the company is pursuing a proof-of-concept for stablecoin-based cross-border settlement infrastructure, planning to expand first into the Philippines, Japan, and Australia.
Successful commercialization could give the company an option to improve settlement efficiency relative to its existing pre-funding model.
The operating margin improvement seen in 2025 reversed into operating losses in both the first and second quarters of 2026. In the second quarter, revenue declined from the first quarter while both the operating loss and net loss widened, indicating weakening earnings momentum. Whether this trend continues into the second half is a key question.
Well-capitalized general-purpose players such as Toss, Kakaopay, and commercial bank apps already have a strong market presence. Without sustained differentiation in the foreign-resident customer segment, price and fee competition could intensify.
According to academic analysis, Korea's stablecoin-related legislation remains at an early stage. Changes in immigration policy or foreign residency-related systems are factors that could directly affect the size of Hanpass's core customer base.
Hanpass's core customers are foreign workers and international students residing in Korea. Changes in visa quotas or immigration policy directly affect the size of its customer base, making it necessary to continually monitor how policy direction affects the business.
Stablecoin-based settlement structures involve compliance costs related to anti-money laundering (AML) rules and travel-rule requirements, and the timing and direction of domestic institutionalization remain unsettled.
If regulatory development is delayed or proceeds differently than expected, it could affect the timeline of new business initiatives.
Given two consecutive quarters of operating losses and a widening net loss in the first half of 2026, there is uncertainty over whether future quarterly results will turn around. As a recently listed small-cap stock, price volatility driven by float size and supply-demand conditions should also be considered.
Third-quarter 2026 earnings are expected to be released around this time, and it will be important to check whether the operating and net loss trend seen in the first half continued into the third quarter.
Follow-up disclosures or news on the progress and potential commercialization of the four stablecoin settlement infrastructure pilot programs with Finger should be checked.
Progress in Korea's stablecoin institutionalization and virtual asset regulatory framework discussions should be checked to gauge changes in the environment for Hanpass's new business initiatives.
Once full-year 2026 results are confirmed, it will be possible to check how they compare against the annual revenue and operating profit estimates put forward by firms such as Research Alum.
Hanpass is a fintech company expanding from remittance for foreign residents in Korea into wallet, card, and tourism payment services, and in 2025 it showed clear improvement across revenue, operating margin, and net income, alongside a shift in shareholders' equity from negative to positive.
However, the first two quarters of 2026 both posted operating losses, with the net loss widening further in the second quarter, marking a signal in a different direction from 2025 in the company's first full set of post-listing quarterly results.
The stablecoin settlement infrastructure collaboration with Finger and the expansion into the tourist market through GoHanpass are cited as potential growth options, but commercialization or revenue contribution has not yet been confirmed.
A considerable gap has emerged between the annual projections put forward by analysts such as Research Alum and the actual first-half results, making it a key point to watch whether second-half performance can narrow that gap.
Competitively, in a market shared with large general-purpose fintech and banking apps, its foreign-resident-specific license and network serve as a differentiating factor, though the direction of immigration policy and virtual asset regulation remains uncertain.
Investors should weigh the divergent signals of 2025's profit recovery against the first-half 2026 profitability setback while watching upcoming quarterly results and the progress of new business initiatives.
Report written 2026-09-05 · Data as of 2026-09-04
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