Disclosure of the Current Status of Settlement Fund Protection Measures for Electronic Payment Settlement Service Providers (As of July 31, 2026)

Greetings to you all from HANPASS.

 

HANPASS CO., LTD. is implementing the following protection measures to safeguard settlement funds in accordance with the “Guidelines for External Management of Settlement Funds by Electronic Payment Settlement Service Providers.” (As of July 31, 2026)

 

 

1. External Management of Settlement Funds

 

HANPASS CO., LTD. (hereinafter referred to as the “Company”) manages at least 60% of its settlement funds externally by depositing them in trust with a settlement fund management agency and maintains them securely. 

(Note: For other online sales intermediary businesses subject to the “Act on the Consumer Protection in Electronic Commerce, Etc.,” at least 30% of the funds subject to settlement are currently under external management.) 

 

• Management Institution: SGI Seoul Guarantee Insurance 

• External Management Method: Payment Guarantee Insurance 

 

 

2. Grounds for Payment of Settlement Funds

 

In any of the following cases, the Company shall, upon request by a seller or other relevant party and in accordance with the Electronic Financial Transactions Act and relevant guidelines, ensure that the settlement fund management agency prioritizes the payment of settlement funds to the seller or other relevant party: 

 

(1) In the event of registration revocation or cancellation

(2) In the event of a resolution to dissolve the company

(3) Where a declaration of bankruptcy has been issued, or in other similar cases 

(4) Where an order to suspend all electronic financial services has been issued

(5) Where a decision to commence rehabilitation proceedings has been made 

(6) Where the Company has ceased operations (including cases where the electronic payment settlement agency business has been voluntarily terminated) 

(7) Where the Company fails to fulfill its payment obligation to the seller or other relevant party by the settlement deadline without a reason specified in the contract

(8) In any other case where circumstances equivalent to the above grounds arise 

 

 

3. Procedures for Requesting and Receiving Settlement Fund Payments 

 

A. Payment Notification and Announcement

 

Within one month from the date grounds for payment arise, the Company shall, in consultation with the settlement fund management agency, announce the grounds, timing, and method of settlement fund payment, as well as other matters related to such payment, in at least two daily newspapers; notify the seller or other relevant party individually; and post the information on the Company’s website and other relevant platforms. 

 

B. Method of Requesting Payment

 

When grounds for payment arise, a seller or other relevant party may request payment from the settlement fund management agency after confirming the settlement amount they are to receive through the Company's website or other designated channels. When making a request, a seller or other relevant party must provide the settlement fund management agency with the following information: 

 

1. Information to identify a seller or other relevant party 

2. Information regarding the bank account to receive the settlement funds

3. Other information necessary for the payment of settlement funds

 

C. Calculation of Payment Amount

 

Payments are made up to the total amount of settlement funds externally managed by the settlement fund management agency as of the date the grounds for payment arise. However, if the total amount of externally managed settlement funds is insufficient to cover the total amount of settlement funds owed to each seller or other relevant party, the payment amount will be calculated by multiplying the settlement funds owed to each seller or other relevant party by the ratio of the total amount of externally managed settlement funds to the total amount of settlement funds owed to each seller or other relevant party.