Kiwoom Securities (039490.KS) is pushing to link various foreign currencies held in TravelWallet, such as dollars and yen, to financial product transactions.
Kiwoom Securities said on the 6th that it had signed a strategic memorandum of understanding (MOU) with TravelWallet, a global foreign exchange and payment platform, to cooperate on digital assets and embedded finance businesses.
Embedded finance refers to a method of installing financial functions such as account inquiries and orders on external platforms that are not financial companies. It allows users to check or trade financial products within the services they already use, without moving to a separate financial application.
The two companies will connect Kiwoom Securities' stock trading infrastructure with TravelWallet's foreign currency and payment system. The aim is to enable TravelWallet users to check and trade Kiwoom Securities financial products according to the currencies and balances they hold.
For example, users holding dollars or yen in TravelWallet would be presented with financial products they can invest in using that currency. Once the service is implemented, it is expected to become possible to use foreign currency left over from overseas trips as investment funds.
The two companies will also develop joint content that takes into account the investment tendencies of people in their 20s and 30s. They plan to design products and services accessible with small amounts, such as fractional investment and installment investment.
The scope of cooperation also includes research on next-generation digital asset businesses, joint marketing, and the provision of customized financial content. The two companies plan to form a collaboration system involving relevant organizations and review new businesses in stages.
"This is the first step in connecting Kiwoom Securities' investment infrastructure with the everyday domain of travel," said Um Joo-sung, CEO of Kiwoom Securities. "We will use the capabilities of both companies to improve financial accessibility and convenience of use."
