Coocon, a South Korean data platform firm, is expanding its global payment platform, incorporating stablecoin technology and leveraging its established domestic payment infrastructure.
The company’s strategy is to establish a global payment distribution network that will include various payment methods and stablecoin integration.
The company’s existing domestic payment infrastructure includes two million mobile QR merchants, 100,000 franchise merchants, and a network of 40,000 ATMs across the nation.
This infrastructure enables real-time cross-border payments without the need for traditional currency exchange or card issuance, facilitating easier transactions within Korea.
Coocon’s expansion plans include launch of UnionPay services in late September and WeChat Pay in October.
A partnership with Bank Indonesia is set to further extend its services in the second half of the year, aiming to improve convenience for international visitors and residents in Korea and to open new avenues for local merchants.
Additionally, the company is also turning its attention to the stablecoin sector.
Coocon CEO Kim Jong-hyun said: “Coocon’s data collection and connectivity capabilities, built over the past 20 years, together with its payment infrastructure, are essential for global payment companies seeking to enter the Korean market.
“We are evolving beyond a payment service provider to become a network platform that connects the global fintech ecosystem. Building on our differentiated infrastructure, we will continue to drive global payment innovation and remain committed to providing enhanced services.”
In November, Coocon intends to participate in the Singapore Fintech Festival, seeking partnerships with global payment and stablecoin entities.
This move is expected to bolster the company’s presence in the Asian fintech market and enhance its global payment and stablecoin infrastructure capabilities.
Beyond its payment services, Coocon manages ‘Coocon.net’, Korea’s business data platform, which aggregates and connects data from around 500 domestic institutions across financial, public, and retail sectors, as well as 2,000 financial institutions from over 40 countries, offering more than 300 APIs.
“South Korean firm COOCON expands global payment platform ” was originally created and published by Electronic Payments International, a GlobalData owned brand.
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