EninePay Anticipates Improved Profitability with Expanded Inbound Remittances, "Continuing Structural Growth"

There is analysis suggesting that as cross-border fintech company EninePay expands its business focused on inbound remittances from overseas to Korea, it will be able to structurally improve and lower foreign currency procurement and exchange costs. The company is expected to continue its growth momentum by broadening its business areas to include corporate remittances and financial services for foreigners, based on its direct network with global financial institutions.

EninePay, which is preparing for a KOSDAQ listing, announced on September 30, 2026, that Shinhan Investment Corp. has published an unlisted and venture company analysis report on the firm. Shinhan Investment Corp. cited the expansion of inbound remittances, the establishment of direct connections with global financial institutions, and the expansion of its lifestyle financial platform for foreigners as the key growth drivers for EninePay.

In particular, Shinhan Investment Corp. highlighted EninePay's two-way remittance structure, which simultaneously handles outbound remittances from Korea to overseas (domestic outbound) and inbound remittances from overseas to Korea (inbound). EninePay currently holds about a 20% market share in the domestic outbound remittance market, and based on this, the company is increasing the proportion of its business coming from inbound remittances and corporate remittances, which have greater profitability and growth potential compared to the highly competitive outbound market.

In fact, the volume of inbound remittances is growing rapidly. EninePay’s inbound remittance volume increased 2.1 times in two years, from KRW 242.7 billion in 2023 to KRW 518.4 billion in 2025. The company aims to maintain an average annual growth rate of about 40% in inbound remittance volume from 2026 to 2028.

The expansion of the inbound remittance business is expected to have an impact not only on the increase in total remittance volume but also on cost efficiency. Because “netting” is possible—offsetting foreign currency transactions from both outbound and inbound processes within the same infrastructure—this structure reduces the need for pre-deposited funds, as well as exchange and financial costs. Shinhan Investment Corp. expects these cost savings to become significant starting in 2027.

The direct network established with global financial institutions is also considered a competitive advantage. EninePay has secured direct network connections with major banks in various countries, including BRI in Indonesia, VCB in Vietnam, Kasikorn in Thailand, and ABA in Cambodia. This structure allows the company to reduce fee burdens that typically arise when transactions pass through intermediary financial institutions, and the direct network itself acts as a barrier to entry for competitors.

The company is also expanding lifestyle financial services targeted at foreigners. The prepaid payment service “ToKpay,” aimed at foreigners visiting Korea, has adopted a method that enables users to top up won using their home country accounts. Through this, EninePay can not only secure revenue from its payment business but also create new flows of inbound remittances.

As EninePay has broadened its business area to include corporate remittances and lifestyle finance, its performance has shown continued growth. In 2025, the company recorded sales of KRW 64.7 billion and operating profit of KRW 23.7 billion. From 2021 to 2025, the company’s compound annual growth rate for sales and operating profit reached 27.7% and 33.3%, respectively.

The growth trend has continued this year as well. In the first half of 2026, EninePay posted sales of KRW 38.3 billion and operating profit of KRW 11.7 billion.

An EninePay representative stated, "This report highlights the differentiated competitiveness created by our two-way remittance structure and global financial network," adding, "We will continue to achieve sustainable growth by continuously expanding our ToKpay, corporate remittance, and lifestyle finance businesses."

EninePay is strengthening its growth base by increasing transaction volume through the expansion of inbound remittances, pursuing cost efficiency by utilizing foreign currency netting and direct financial networks, and broadening its business areas into ToKpay, corporate remittance, and lifestyle finance.

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