NH Investment & Securities Collaborates with Travel Wallet on Foreign Currency Services

NH Investment & Securities announced on the 5th that it has signed a Memorandum of Understanding (MOU) with Travelwallet to commemorate the launch of the 'Namu Travelwallet Card' and to strengthen future cooperation in foreign exchange and global investment services, as well as corporate finance fundraising.

Provided by NH Investment & Securities

The MOU signing ceremony took place the previous day at NH Investment & Securities headquarters in Yeongdeungpo-gu, Seoul, with attendance from Jung Joong-rak, Head of WM Digital Business Division at NH Investment & Securities, Lee Sung, Head of IB1 Business Division at NH Investment & Securities, and Kim Hyung-woo, CEO of Travelwallet.

NH Investment & Securities has enabled the use of Travelwallet’s currency exchange and payment services on its mobile trading platform, Namu. The Namu Travelwallet Card allows customers to exchange 45 foreign currencies at real-time exchange rates and use the card for overseas payments without any fee burden, just like the existing Travelwallet service. Notably, users can easily access various services necessary for overseas travel?from charging foreign currency prepaid funds to card issuance and transaction history inquiry?directly within the Namu app, significantly enhancing card usage convenience for securities trading customers.

Travelwallet holds a dominant position as the number one in both user numbers and payment amounts in the travel card market, where competition is fierce with major domestic financial companies also entering. The relationship between the two companies began at the end of last year when NH Investment & Securities made a strategic investment (NH Digital Alliance Fund) to foster a digital innovation financial ecosystem. This is expected to contribute to the development of the startup ecosystem as it is the first case where an actual partnership model was born by leveraging the original purpose of the investment, not just the investment itself.

Starting with the launch of this co-branded card, the two companies plan to expand the partnership scope to allow customers to prepare travel funds by subscribing to financial products during non-travel periods or trade overseas stocks using securities accounts. They will also cooperate on corporate finance fundraising to help Travelwallet grow into a global company.

Jung Joong-rak, the Head of the division, said, “As overseas travel increases, we expect high customer response to the launch of a highly convenient travel card,” adding, “We will strive to greatly enhance the financial life satisfaction of NH Investment & Securities customers through continuous cooperation with startups that have innovative ideas.”