KMTPA, Fypher team up on digital dollar infrastructure for medical tourism
Summary
The Korea Medical Tourism Promotion Association and Fypher signed an MOU to improve payment convenience for foreign medical tourists in Korea and expand Asia’s medical tourism ecosystem. They plan to combine KMTPA’s network of medical institutions with Fypher’s digital dollar infrastructure to ease remittance difficulties and add transparency to transactions. KMTPA said the partnership aims to make foreign patients’ access to Korean medical care more convenient and reliable. The two sides also want to use blockchain-based transaction records and digital dollars across the payment chain.
Key Facts
- Foreign patients visiting Korea reached a record 2.01 million in 2025, up 71.9 percent from a year earlier, according to the Ministry of Health and Welfare.
- KMTPA said medical tourism involves high-value payments and multiple stages of fund movement, including cross-border remittances, advance deposits, and settlements between medical institutions and related businesses.
- KMTPA said blockchain-based transaction records can improve transparency in medical tourism by showing where and how funds are transferred.
Kim Jin-kuk, left, president of the Korea Medical Tourism Promotion Association (KMTPA), and Fypher Chairman Paul Kim pose during a ceremony for a memorandum of understanding on the promotion of Korea's medical tourism industry in Seocho District, Seoul, Friday. Courtesy of KMTPA
The Korea Medical Tourism Promotion Association (KMTPA) and digital dollar infrastructure company Fypher signed a memorandum of understanding aimed at improving financial convenience for foreign medical tourists and expanding Asia's medical tourism ecosystem.
KMTPA said Monday that under the agreement, it will combine its network of medical institutions with Fypher's digital dollar infrastructure, easing payment and remittance difficulties for foreign patients seeking medical services in Korea.
"The sustainable competitiveness of Korea's medical tourism industry lies not only in excellent medical services but in branding the entire process, from choosing Korea to booking and payment, as an integrated, high-value-added product," said Kim Jin-kuk, KMTPA president.
Kim added that through the partnership, KMTPA will work to make real, on-the-ground improvements so foreign patients can access Korean medical care in a more convenient and reliable environment.
Paul Kim, chairman of Fypher, said medical tourism is a field where trust and convenience are essential in cross-border fund transfers.
"Financial innovation doesn't end with new technology. It becomes real only when people actually use it and feel its benefits," Kim said. "I expect this partnership to mark a meaningful step toward establishing digital dollars as financial infrastructure that solves real-world problems."
Medical tourism is emerging as one of Korea's next core industries. Foreign patients visiting Korea hit a record 2.01 million in 2025, up 71.9 percent from a year earlier, according to the Ministry of Health and Welfare.
"Unlike typical tourism spending, medical tourism can involve high-value payments and multiple stages of fund movement, including cross-border remittances, advance deposits, and settlements between medical institutions and related businesses," KMTPA said.
"In this process, foreign patients need not just convenience, but a reliable financial environment that clearly shows where and how their funds are being transferred," it added.
KMTPA and Fypher are focusing on how blockchain-based transaction records can bring more transparency to medical tourism. The two sides plan to use digital dollars to build trust across the payment chain, from patient deposits to fund transfers between medical institutions and related businesses.
The two sides also aim to connect Korea's competitive medical infrastructure and foreign patient demand with digital financial infrastructure, broadening their cooperation to fit the needs of each market across Asia going forward.
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