COOCON (KOSDAQ 294570), a leading South Korean business data platform company, announced that it is accelerating its push for the global payment platform business. Leveraging a robust domestic payment infrastructure, the company aims to play a pivotal role in helping multinational payment providers to enter Korea.
COOCON advances the business based on a strategy to build a next-generation global payment distribution network encompassing global payments, local payments, and stablecoin platforms. Thanks to its strong domestic payment infrastructure including 2 million mobile QR merchants, 100,000 large franchise merchants, and a nationwide network of 40,000 ATMs, the company enables users in Korea to send and receive cross-border payments in real-time without the need for currency exchange or card issuance.
Starting with the launch of UnionPay services in late September and WeChat Pay services in October, COOCON will expand money transfer and payment support in Korea for global payment service providers in the second half of the year through a partnership with the Bank Indonesia. This is expected to enhance convenience for foreign tourists and residents in Korea while creating new business opportunities for Korean merchants.
In line with these efforts, COOCON is proactively reacting to the stablecoin market, where a growing number of global financial institutions are setting foot. Pegged to a reference asset such as the US dollar, stablecoins are less volatile and facilitate cross-border transactions, becoming more popular as a digital asset. According to the World Economic Forum (WEF), stablecoin transaction volume has surpassed the combined volume of Visa and Mastercard transactions. Its circulation is also increasing at an annual rate of 28%.
With a strong payment infrastructure, COOCON aims to position itself as a global hub for payment innovation, bridging the gap between digital assets and traditional payment systems.
COOCON will also participate in the Singapore Fintech Festival in November to explore strategic partnerships with global payment and stablecoin companies. This is expected to strengthen its presence in the Asian fintech market and reinforce its role as a leading player in global payment and stablecoin infrastructure.
In addition to its payment business, COOCON operates Korea’s largest business data platform ‘COOCON.net’, collecting and connecting data from about 500 domestic institutions in the financial, public, and retail sectors, as well as 2,000 financial institutions across more than 40 countries and providing over 300 APIs. Through this platform, COOCON supplies essential data and payment APIs to a broad range of industries, including financial institutions, big tech, and fintech companies, thereby solidifying its position as a critical infrastructure provider.
Kim Jong-hyun, CEO of COOCON, 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.”
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