Summary
- KG Inicis said it signed an MOU with global digital-asset platform Crypto.com to build digital-asset payment and commerce infrastructure.
- The two companies said they will build network infrastructure that uses major digital assets and domestic and overseas stablecoins as payment methods, aiming to expand overseas digital-asset payments and reduce the risks of fraudulent transactions and chargebacks.
- KG Inicis said it has proposed adding blockchain and digital asset-related businesses to its articles of incorporation as stated business purposes at its annual general meeting of shareholders, and is exploring cooperation on digital payment infrastructure with its subsidiary KG Mobilians.
Forecast Trend Report by Period
Payment gateway (PG) operator KG Inicis is moving to build payment infrastructure based on digital assets with global digital-asset platform Crypto.com. The aim is to broaden payment options for cross-border e-commerce, such as enabling overseas users to pay with digital assets at Korean online shopping malls.
KG Inicis announced on the 17th that it signed an MOU with Crypto.com to build digital-asset payment and commerce infrastructure. Crypto.com is known as a digital-asset platform used by about 150 million users worldwide.
Under the agreement, the two companies plan to promote the buildout of network infrastructure that uses major digital assets and domestic and overseas stablecoins as payment methods. They will review ways to create a payment environment that allows overseas users to purchase products at Korean online merchants using the digital assets they hold. The company said it expects this to reduce the risks of fraudulent transactions and chargebacks (payment cancellations) that arise in overseas card payments.
KG Inicis is one of South Korea’s leading PG providers. It is working to lay the institutional groundwork for financial digital transformation initiatives. Recently, it submitted an agenda item for its annual general meeting of shareholders to add blockchain and digital-asset-related businesses to the company’s articles of incorporation as stated business purposes. It is also exploring cooperation plans with its subsidiary KG Mobilians in the process of building digital payment infrastructure.
A KG Inicis official said, “Payment infrastructure that connects digital assets with the real economy will become a core competitive edge for the finance and commerce industries,” adding, “We will expand cooperation with global partners to build payment infrastructure that enables digital assets to be used in real economic activity.”
Reporter Oh Yu-rim our@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
