Over 500 Billion Won Inflowed from Overseas... This Company Profits from 'Two-Way Remittance' [Weekend Money]

E9pay Sees Sharp Rise in Overseas Inbound Funds
Inbound Remittance Grows from KRW 242.7 Billion in 2023 to KRW 518.4 Billion in 2025
Last Year’s Operating Profit Margin at 36.6%... Profitability Expands
Expanding Business into Corporate Rem

Overseas remittance fintech company EninePay is working to improve profitability by expanding its inbound remittance services—allowing for more money to flow into Korea from abroad. The company aims to simultaneously grow both outbound remittances from Korea and inbound remittances from overseas, which is expected to help reduce the cost of foreign currency procurement and currency exchange. According to Shinhan Investment Corp., the cost-saving effects from expanding inbound remittances are expected to materialize in earnest starting in 2027.

EninePay is a cross-border fintech company providing overseas remittance and financial services to foreigners residing in Korea, foreign workers and students, tourists visiting Korea, and more. Since receiving Korea’s first-ever small-amount overseas remittance license from the Ministry of Economy and Finance in 2017, the company has expanded its business areas to include electronic payment gateway (PG) services, foreign exchange operations, and the issuance and management of prepaid electronic payment instruments, among others.

EninePay’s core business is individual overseas remittance. As the number of remittance transactions increases, the company’s fee income per transaction grows, and as the total remittance amount rises, profit margins from currency exchange also increase. Of its 2023 revenue of 47.7 billion won, remittance fees accounted for 18.6 billion won, and foreign exchange gains took up 28.6 billion won—meaning most of its revenue came from remittance-related sources.

However, the company’s main focus going forward is not simply on expanding its outbound remittance market share. Since it already holds about 20% market share in the domestic outbound remittance market, its strategy is to increase the proportion of inbound remittances and corporate remittances, which offer higher profitability, rather than pursuing more market share through pricing competition.

Inbound remittance volume is already growing rapidly. It increased from 242.7 billion won in 2023, to 367.2 billion won in 2024, and to 518.4 billion won in 2025—representing a 2.1-fold increase over two years. The number of transactions also more than doubled during the same period, from approximately 197,000 to 401,000. EninePay aims for inbound remittances to grow at an average annual rate of about 40% from 2026 to 2028 as well.

The expansion of inbound remittance is noteworthy not only because of the higher transaction value. Overseas remittance companies must pre-deposit a certain amount of foreign currency in local accounts to ensure smooth payments. EninePay typically manages an amount equivalent to the expected transaction volume for two to three days in each country.

If only outbound remittance increases, the required amount of pre-funding grows along with the transaction volume. In contrast, when foreign currency flows in through inbound remittances, it can be used directly for outbound payouts—reducing the need for additional foreign currency procurement. Shinhan Investment Corp. explained that, since both outbound and inbound remittances are handled on the same infrastructure, growth in inbound remittances leads to lower foreign currency procurement, reduced currency exchange and financial costs, and improved profitability.

EninePay’s direct connection networks with major financial institutions in key countries also support the expansion of inbound remittances. The company has networks with institutions such as Indonesia’s BRI, Thailand’s Kasikorn Bank, Vietnam’s Vietcombank, the Philippines’ BDO and Metrobank, and Cambodia’s Wing, ABA, and Acleda Bank. By connecting directly with local banks rather than going through intermediary remittance providers, EninePay is able to lower payment and exchange costs.

Corporate remittances are also emerging as a new pillar of growth. EninePay offers services such as overseas remittance, settlement collection, and mass disbursements to multiple recipients, targeting foreign business owners and foreign-invested small and medium-sized enterprises. The company is strengthening its ties with organizations such as local chambers of commerce in Vietnam and Indonesia, and it plans to expand its corporate remittance business in earnest beginning in 2027 after building the necessary accounts and infrastructure in Vietnam.

The prepaid payment service 'ToKpay', which targets foreign visitors to Korea, is also linked to the expansion of inbound remittance. Users can transfer funds in their home currency from their bank accounts to top up a KRW wallet and use it at domestic merchants and on public transportation. The service is already available in Vietnam, Malaysia, Mongolia, the Philippines, and Japan, with expansion into Taiwan, Indonesia, Thailand, Kazakhstan, and Uzbekistan in preparation.

The company’s performance is showing steady growth. EninePay’s revenue in 2025 reached 64.7 billion won, up 14.9% year-on-year, and its operating profit was 23.7 billion won, up 6.3%. The operating margin was 36.6%. Revenue grew from 24.3 billion won in 2021 to 64.7 billion won in 2025, representing a compound annual growth rate of 27.7%, and operating profit increased from 7.5 billion won to 23.7 billion won during the same period, a compound annual growth rate of 33.3%.

The company continued its growth into the first half of this year, posting revenue of 38.3 billion won and operating profit of 11.7 billion won. However, the ongoing strength of the won has created some burden on the valuation gains and losses from pre-deposited foreign currency assets. The company aims for an operating margin of 32-37% over the mid- to long-term.

Yumin Kim, a researcher at Shinhan Investment Corp., analyzed, "As inbound remittances increase, netting inbound and outbound flows enables reduction in foreign currency procurement and lowers exchange and financial costs. The cost-saving effects of two-way remittance flows will become tangible from 2027." Kim further explained, "In the medium to long term, the key is to diversify the business portfolio from a focus on individual remittances to include corporate remittances, commerce, and prepaid payments."

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