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Interview : ‘Kento’s’ CEO Akimasa Yasumodo, The First Affiliate of T.OS, "Strength that can be applied to all B2C transactions"
T.OS Meetup 2018 in Seoul
T.OS, claiming cryptocurrency with the actual transaction, held ‘T.OS Meetup 2018 in Seoul’ on the afternoon of June 19 at the Oakwood Premier COEX Center in Gangnam-gu, Seoul. The event was organized to introduce the features and services of T.OS Coin, which T.OS is preparing for service, and the roadmap for the future with T.OS executives and officials from related industries such as affiliates, exchanges, and consulting firms attending. ▲ ‘T.OS Meetup 2018 in Seoul’ was held with great success. In the first order of the event, Morihisa Baba of T.OS Japan gave a welcoming speech. Baba talked about the current situation by saying, “T.OS coin is a cryptocurrency created through cooperation between Japan and Korea, and has been showing the functions and possibilities of T.OS coin in many countries since 2017. The popularity of T.OS has continued steadily in many Asian countries, and many people also in Korea trusted the vision of T.OS and invested.” Also, he emphasized that T.OS not only brings up the slogan, but also knows well about showing its technologies with results rather than just talking. And he said to try the best to delight customers through T.OS coin, which can be used in real life. After a welcoming speech by Baba, Faruk Tercioglu, president of Knockcoin Exchange in Singapore, which was selected as the first exchange of T.OS, presented the features of the exchange and the possibilities of T.OS. Tercioglu introduced that after launching on May 28th, Knockcoin Exchange is conducting strict personal protection policies and court proceedings in order to concurrently list cryptocurrencies such as bitcoin, ethereum, litecoin as well as T.OS coin on June 22. In particular, he mentioned an advantage that since Singapore government has a strict law on financial services, it will be a safe and reliable investment for investors. In addition, he analyzed the strengths of T.OS that it is optimized for real life payment functions and it also has strengths in payment and purchasing through stability and rapid trading through its internal coin called T.OSP. ▲ Morihisa Baba of T.OS Japan welcomed attendees. ▲ President of Knockcoin, which is the first exchange of T.OS, presented about the possibilities of T.OS. An official of the first affiliate who decided to introduce a T.OS payment system also visited Korea and gave some impressions. Akimasa Yasumodo, CEO of Kento’s group, who runs Kento’s, a famous live house in Japan, expressed his impression about visiting. “I heard that today's event is the first event to be held in Korea, and I was very surprised that there are many people who support T.OS in Korea. I thought that the heat in Korea was as great as Japan.” He also said, "Kento’s is honored to be chosen as the first affiliate store of T.OS as a Live House brand that has a wide range of customers from 20s to 50s. I would like to ask for cooperations so that we can lead the bright future with T.OS.“ Eriko Tachibana, CEO of management consulting firm ‘Tachibana Eriko office’, said, “Since many investors in Korea and Japan have skepticism on stability due to hackings of the cryptocurrency exchange, T.OS is improving security perfection through a series of security tests by inviting the world's best white hackers. Through these processes, T.OS has become the safest cryptocurrency for payment in the world, and I believe that T.OS is a company that regards its commitment to investors as the most important.” ▲ The official from Kento’s group, which is the first affiliate of T.OS, gave his impressions. At the end of the ceremony, Wook-tae Kang, CEO of Blockware, in charge of technology of T.OS, presented the technology and roadmap of T.OS. He first expressed his gratitude to investors and supporters, and briefly introduced his activities so far that he was constantly developing technologies and at the same time promoting various activities around the world to raise awareness and value of T.OS. In particular, at the technical seminar held in China, he conducted a news interview to introduce the strengths of T.OS. The launching event in March confirmed the expectation for T.OS through the participation of about 200,000 people from 80 countries. In the case of cryptocurrencies that have appeared in the past, transactions are made under the name of ‘money’, but because of problems such as processing speed, the role as an actual money such as payment or remittance is not properly performed. Also, he pointed out that a credit card-based payment service has a disadvantage of high commission from operating costs. He introduced that the direction that T.OS pursues is 'key currency of the cryptocurrency', so T.OS is trying to make T.OS coin the most powerful weapon of life and settle as a global key currency in the course of the replacement of the real currency by the cryptocurrency in the future. To do so, T.OS announced that it plans to launch the payment system in the second half of the year, test the actual transaction system through some merchants, including Kento’s, and plan to launch a public service in the first half of 2019. At the same time, T.OS will show its own communication-based hardware wallet, which does not use internet protocol, as an order-made method, so that users can more safely protect their cryptocurrency. Also, after primarily developing 10 to 20 global exchanges, it will operate a cryptocurrency consulting and franchise and plan to make each country's exchange a base for the T.OS payment system. By concluding the presentation, Kang said, “T.OS will continue to strive to reward enthusiasm for many investors as well as become the key currency of the world's cryptocurrency. I would like to ask for your support in the future.” ▲ CEO Wook-tae Kang presented about technologies and roadmap of T.OS. ▲ The activities of T.OS so far are introduced. ▲ The roadmap revealed the future development of T.OS. ▲ Wook-tae Kang said, “We will strive to make T.OS key currency of the world’s cryptocurrency.”
Kakao Bank's 100-Day Anniversary Press Conference
On November 3, Kakao Bank of Korea Corp., held a press conference on the 100-day anniversary of its launch at Kakao Bank Seoul office in Yongsan-gu, Seoul, and introduced operation performance about 100-day after launch and future product services. In the past three months, Kakao Bank has introduced key indicators such as the number of customers who opened accounts, which is 4.35 million, deposits of 4.20 trillion won, loans of 3.39 trillion won, and customer satisfaction of 76.5 percent. As of Oct. 31, 2017, Kakao Bank recorded a total of 4.35 million customers who opened accounts, with an average of 43,500 customers a day. As a result of the survey, customer satisfaction was 76.5% and when including the answer, ‘moderate’, it was 98%. The reasons for using Kakao Bank app were simple transfer without a certificate, easy and convenient process and low commission. In addition, 3.18 million people applied for the Kakao Friends check cards, and the most popular character was introduced as "Ryan", which was chosen by 53%. As of the end of October, Kakao Bank has recorded 4.02 trillion won in deposits, and 3.39 trillion won in loans. In terms of the number of cases, the percentage of customers for each credit product was about 46.1% for emergency fund loans and customers with medium or low credit, and 53.9% for customers with high credit. In terms of the amount of money, it was about 86.4% for overdrafts, 8.9% for credit loans, and 4.7% for emergency fund loans. A total of 34,000 overseas remittances have occurred in the past three months, with 44% for the dollar, 20% for the euro, 10% for the Canadian dollar and 7% for the Australian dollar. The products to be introduced in the future are deposit loan for house rents, linking automatic withdrawal integrated management service, and account-based payment service in cooperation with Lotte Group. ▲ Lee Soo-young, Strategy Part Manager of Kakao Bank . Kakao Bank's 100-day performance and future plans were introduced by Lee Soo-young, a strategy part manager of Kakao Bank. With a mobile app, mobile banking centers, ATMs, and a homepage as its main channels, Kakao Bank, which celebrates the 100th day of its launch, has deposit products such as checking accounts (Safe Box), fixed deposit, and free savings, and loan products such as emergency fund loans, minus account loans, and credit loans. It also presents check cards in the payment sector, and overseas remittance services in the foreign exchange sector. Features of Kakao Bank include competitive interest rates and transfers, free ATM fees, low commission of overseas remittance, simplified processes and a 24-hour mobile experience, Kakao Friends, and customer experience based on KaKaoTalk. Kakao Bank commented that the launch of the company served as a momentum that could turn the image of finance into sharable finance, finance in life, and finance with fun and enjoyment. Its representative examples are the appearance of communities to achieve their goals through Kakao Bank, the sharing of completed transfer proof shots, the sharing of know-how related to products and the spread of experiences to recommend to other customers. The reasons for using Kakao Bank are simple transfer without a certificate, easy and convenient to use, low commission, easy and simple product registration procedure, available anytime and anywhere, good interest rates on deposits and loans, and so on. Meanwhile, Kakao Bank introduced the x86-based Linux operating system, Java-based environment, and open source-based DBMS, which are both flexible and scalable at low cost. Kakao Bank was built with only 33% of the cost for the existing Unix-based systems through x86-based Linux. DBMS costed 60% of the cost for the existing Oracle through MySQL, and WEB/WAS costed about 43% with the base of Apache/Tomcat. ▲ It is positive that Kakao Bank's intention to use in the future will be high. The number of customers opening accounts at Kakao Bank was introduced as 4.35 million on a three-month basis (until October 31). Kakao Bank opened over 240,000 accounts at the opening day. It exceeded the number of non-face-to-face accounts opened by commercial banks, which is 155,000, last year. In the first month, the average of 100,000 accounts were newly opened a day, 30,000 in the second month, and 28,000 in the third month. When looking at the whole period, an average of 43,500 people opened an account on a daily basis. As a result of Kakao Bank app satisfaction surveys, customer satisfaction with Kakao Bank was introduced at 76.5% (98% when including ‘moderate’). Over 80% of the respondents answered that they will use Kakao Bank in the future, and the response to “I will recommend to acquaintances” was 77%, which could be interpreted that Kakao Bank also has a great deal of room for practical use experience to be spread among customers, like KakaoTalk. On the other hand, the percentage of intentions to use by 50s, which was regarded as minority group in mobile finance, was 92.4%, the highest percentage compared to other ages. They also showed 81.9% for the willingness to recommend to acquaintances, and late 40s also evaluated Kakao Bank service positively. According to the age-based status of the accounts opened, 20s was 31%, 30s was 34%, 40s was 21%, so 20s to 40s showed the largest percentage. Also, according to the job-based status of the accounts opened, the percentage of office workers was the largest. The distribution of customers by time zone was 43% from 4 p.m. to 12 p.m. and 13% from 12 p.m. to 9 a.m., which are not during the normal bank hours. The distribution of transfer customers was 43% during 4 p.m. to 12 p.m. and 14% during 12 p.m. to 9 a.m., showing competitiveness of no time restrictions. On the other hand, the Kakao Friends check card was applied by 3.18 million people, which is 73% of the total account openers. The most popular character was ‘Ryan’, which accounted for 53% of the applications, and ‘Apeach’, ‘Muzi’, ‘Con’, and ‘Black’ respectively followed. The Kakao Friends check card was initially noted for its high value cards. Now, it has become a practical check card based on various benefits such as transportation card function and ATM fee exemption. In addition, from November 7th, the smart withdrawal service, which was only available at existing CU convenience store ATMs, will be expanded to 5,500 Lotte ATMs installed in Lotte distribution centers and service centers nationwide, including Seven-Eleven, Lotte Mart, Lotte Cinema and Lotte Duty Free. ▲ In terms of importance by credit products, the number of cases for customers with medium or low credit is high, but the amount is small. As of the end of October, Kakao Bank's deposits (eg. savings) amounted to 4.02 trillion won and loans of 3.39 trillion won (based on the executed loan balance). On the 25th, when the payday of general companies are concentrated, the inflow amount of deposit is higher than the other days. In terms of the percentage of customers by credit products, customers with medium or low credit (grades 4 to 8 based on CB company’s credit rating) and emergency fund loan (grades 1 to 8) account for 46.1%, and customers with high credit (grades 1 to 3) account for 53.9%. As for the amount of money, emergency fund load is 4.7%, credit loan is 8.9%, and minus account was 86.4%. In the case of customers with medium or low credit, since their loan limit and ability are low compared to customers with high credit, the percentage of the amount of money is low, while the number of cases is high. A total of 34,000 overseas remittances have occurred in the past three months. The majority of the cases were parents, who have children studying abroad, sending their tuition and living expenses. Among overseas remittance money, the dollar accounts for 44%, the euro for 20%, the Canadian dollar for 10%, and the Australian dollar for 7%. The transfer fee from overseas banks to Kakao Bank is free of charge for less than $100 USD. Even if the amount is more than $100, the commission fee of 5,000 won is cheaper than commercial banks. For this reason, it is researched that Kakao Bank has a lot of use to earn profits from advertising fees through publishing blogs or image contents. On the other hand, in terms of stable service and customer experience improvement, it held a board meeting on August 11, just two weeks after opening, and decided to issue a 500 billion won of capital increase by allocation to stockholder. On September 5, the company announced that it had completed the recapitalization and the current paid-in capital is 80 billion won. Initially, Kakao Bank planned to raise capital by 400 billion won in 2018. However, after the launch of the customer service, Kakao Bank has preemptively progressed it after the explosion inflow of the customer, which has strengthened its financial solvency and provided a foundation for introducing innovative services. Also, on October 30, the second customer center 'Gangseo Office' was opened and about 150 employees were recruited. With the opening of Gangseo Office, Kakao Bank currently has a total of 400 customer counseling staffs. The response rate has improved dramatically, and the total customer consultation rate after opening the office in Gangseo is 80 to 90%. The customer center will share the works according to the customer consultation channel and establish the expertise for each center. The Seoul office will provide consumer protection and foreign exchange business consultation based on non-telephone channels such as KakaoTalk, one on one consultation, and Gangseo Office will concentrate on general products and customer support consultation based on telephone consultation. ▲ Kakao Bank will continue to expand its services in 2018. Kakao Bank said that it has developed its future direction and product launch plan by analyzing and reflecting customers' demand for financial products and services aimed at 'my own bank that is more frequently used in everyday life' in the future. As a result, the first product introduced is the 'deposit loan for house rents', which is scheduled to be launched in the first quarter of 2018. It is based on the guarantee of Korea Housing Finance Corporation so that customers can loan by submitting the documents through the smart phone without visiting the bank. Like the existing Kakao Bank loan products, customers can submit their application through the Kakao Bank app after credit information scraping and photo shooting, and Kakao Bank plans to make it available even if customer’s moving date is on holiday. It also introduced that automatic payment integrated management service (Payinfo) will be launched in 2018. When Payinfo service and Firm banking service are started, people can pay their cellular phone charges, insurance, etc. in real time through their Kakao Bank accounts. They can also pay local taxes through virtual account service. In addition, Kakao Bank signed an MOU with Lotte Group in June to integrate distribution and finance sectors, and plans to launch a TF for account-based payment service from November. Based on Kakao Bank's account, it aims to establish a process that connects consumers and sellers directly to eliminate intermediate operators. From this month, Kakao Bank will also collaborate with Lotte members on big data, and prepare innovative products and services by combining Lotte's distribution data with Kakao Bank's financial products and services. Along with data collaboration with Lotte Members, Kakao Bank is currently accumulating non-identifiable data of shareholder company such as Kakao Taxi and Kakao Gift. In the future, Kakao Bank plans to advance its credit scoring system by analyzing and applying its own data accumulated through Kakao Bank operations. Meanwhile, the credit card business is getting ready, so the company plans to promote preliminary license in the first half of 2018 and aims to start business in the second half of 2019.
Coinone 'Coinone Blocks' Opening Press Conference
Coinone, a virtual currency exchange, held an opening press conference of 4D zone 'Coinone Blocks' that provides blockchain-based financial services including virtual currency offline, in Yeouido, Seoul. Coinone Blocks, located in S-Trenue Building in Yeouido, Seoul, is a space where the needs of customers who want to solve their questions about virtual currency and experience it directly are met. Coinone Blocks is organized as a space that provides all the services of Coinone on-line in the same way offline. It enables customers to experience and use virtual currency information, expert consultation, and transaction through ATM of virtual currency. In addition, Coinone Blocks represents '4D Zone' where customers can see, touch, communicate and experience, and it will be a chance to provide more reliable service to customers based on a safe and transparent offline system. In Coinone Blocks, customers can view six types of virtual currency information exchangeable from Coinone through a large billboard, and they can solve questions about virtual currency exchange by consulting with expert advisors. Moreover, experience and purchase of hard wallet, which is a virtual currency wallet of USB type, and bitcoin exchange through ATM are possible. In addition, the expert of pin-tech based on blockchain is available to consult about related technologies and policies, and the future of blockchain-based finance. Besides, it is announced that Coinone will increase its Coinone Blocks strategically in the future. ▲ Cha Myung-hoon, CEO of Coinone ▲ Coinone’s business consists of two axis: a virtual currency exchange platform and an overseas remittance service Cha Myung-hoon, CEO of Coinone, defined Coinone as "a company that creates future finance based on blockchains", and stated that, since its establishment in 2014, the company has been moving away from pin-tech start-ups and toward the center of global finance. It is also said that the company will provide innovative service to customers by extending the range of service from virtual currency exchange to financial services. Currently, Coinone offers the exchange platform for 6 virtual currencies, a blockchain technology research team, and overseas remittance services for five major Asian countries, and it is in progress of acquiring a small overseas remittance license. Currently, Coinone has a daily exchanging volume of about 300 billion won, which is the fifth largest exchanging volume in the virtual currency market. As Coinone's oriented values, 'market leading', 'customer focused' and 'social responsibility' are mentioned. In addition to its role as a trading platform for virtual currencies, it is contributing to the positive ecosystem growth by providing consulting services that can trace the flow of virtual currency and helping investors make the right investment with offering investment statements when the virtual currency’s exchange goes public. As for the domestic virtual currency market, it is said that it is experiencing growing pains due to rapid growth. Moreover, as consumers’ interests increase, new requirements such as 'lack of information', 'trust' and 'service' are being created. Especially, in terms of 'lack of information', difficulty of accessing due to high technical complexity, difficulty of selecting reliable information, and the lack of contact with experts are mentioned. In terms of trust and service, there were requests for face-to-face counter regarding limitation of online service, customers’ availability, reliability and other factors. ▲ These meanings were considered to Coinone's offline brand, 'Coinone Blocks'. ▲ In the lounge where the round-table conference was held, it was possible to check the real-time price with the large billboard. ▲ ATM was prepared as the closest point of contact between traditional financial exchange and virtual currency exchange. ▲ There was space to experience hardware wallet products. Coinone Blocks is a space that meets the needs of customers who want to experience and solve questions related to virtual currency that is invisible, and it represents '4D Zone' where customers can see, touch, communicate and experience. It is also introduced that Coinone Blocks is space for offering service that is more reliable to customers based on a safe and transparent offline system. Coinone plans to operate 'Coinone Blocks' as a face-to-face offline customer service counter with a goal of establishing a user-friendly virtual currency ecosystem. It consists of a community space that shares a variety of information and a space that can easily experience virtual currency, which is an intangible asset. At the lounge of Coinone Blocks, customers can view six types of virtual currency information exchangeable from Coinone including bitcoin and ethereum through a large billboard, and they can get recent information in investment statement, etc. In addition, they can solve questions about virtual currency exchange by consulting with expert advisors, and the expert of pin-tech based on blockchain is available to in-depth consult about related technologies and policies, and the future of blockchain-based finance. At the same time, it is added that various community activities through the open lounge or conference room. There is also a space where you can experience the circulation of virtual currency, etc. At present, there is an ATM that can exchange bitcoins and others. Also, in the space where the virtual currency related product is sold, there is now a space where users can experience and buy USB-type virtual currency wallet, 'hard wallet'. Coinone plans to increase its Coinone Blocks in the future and wants to diversify them as customer communication and branding channels. In terms of security throughout the system, the available security-related technologies are applied the most. The company also supports safe use through hardware wallets, and insurance for damage by hacking or others to virtual currency exchanges is also made. Moreover, according to the presentation, it is understood that regulatory issues related to financial authorities are about the provision of qualification guidelines for service providers, and the company will cooperate and strive for the positive formation of related ecosystems in the future.