COOCON, a South Korean business data platform company, is expanding its global payment platform business, leveraging its domestic infrastructure to facilitate market entry for multinational payment providers and integrate stablecoin technology.\n\nCOOCON (KOSDAQ 294570) aims to establish a next-generation global payment distribution network that includes global payments, local payments, and stablecoin platforms. The company’s strategy is designed to enable multinational payment providers to access the Korean market by utilizing its extensive domestic payment infrastructure. This infrastructure includes 2 million mobile QR merchants, 100,000 large franchise merchants, and a network of 40,000 ATMs nationwide.\n\nThe company’s capabilities allow users in Korea to conduct real-time cross-border payments without the necessity of currency exchange or new card issuance. In the second half of the year, COOCON plans to roll out UnionPay services in late September and WeChat Pay services in October. Additionally, a partnership with Bank Indonesia will support the expansion of money transfer and payment services for global providers within Korea, aiming to benefit foreign tourists and residents and create new opportunities for Korean merchants.\n\nCOOCON is also focusing on the stablecoin market, noting the increasing participation of global financial institutions in this sector. Stablecoins, which are pegged to reference assets like the US dollar, offer reduced volatility and streamline cross-border transactions, growing in popularity as digital assets. According to the World Economic Forum (WEF), stablecoin transaction volume has surpassed the combined volume of Visa and Mastercard, with circulation increasing at an annual rate of 28%. COOCON intends to become a global hub for payment innovation, bridging digital assets with traditional payment systems through its robust payment infrastructure.\n\nTo further its international presence, COOCON will participate in the Singapore Fintech Festival in November. The company seeks to forge strategic partnerships with global payment and stablecoin firms, aiming to enhance its standing in the Asian fintech market and solidify its role in the global payment and stablecoin infrastructure.\n\nBeyond its payment initiatives, COOCON operates ‘COOCON.net’, identified as Korea’s largest business data platform. This platform collects and connects data from approximately 500 domestic institutions across financial, public, and retail sectors, alongside 2,000 financial institutions in over 40 countries. It provides more than 300 APIs, supplying essential data and payment APIs to various industries, including financial institutions, big tech, and fintech companies, thus acting as a critical infrastructure provider.\n\nKim Jong-hyun, CEO of COOCON, stated, “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.”