Sharing Success Stories of Payment Infrastructure Exports... BC Card Seminar at Korea Fintech Week

The Only Domestic Financial Company to Announce

BC Card will share its experience of exporting payment infrastructure to overseas markets such as Central Asia.

On the 31st, BC Card announced on the 30th that it will be the only domestic financial company to present at ‘Korea Fintech Week 2023,’ hosted by the Financial Services Commission, under the theme ‘Entering the Global Payment Market through the Convergence of Finance and Fintech.’

At the event, BC Card will introduce its global business strategy, which has expanded from its first entry into Southeast Asia in 2015 to Central Asia this year. Unlike other financial companies that focus on securing profitability by launching local financial products, BC Card plans to explain its approach centered on ‘expanding payment infrastructure and networks’ through collaboration with the central banks and affiliated payment institutions of the respective countries.

It will also announce the export achievements of its self-developed ‘K-Payment System.’ BC Card is expected to emphasize that the global competitiveness of its overseas expansion is based on core foundations such as the global card slip acquiring system ‘BAIS (BAIS)’ and the supply of locally customized digital payment solutions like Near Field Communication (NFC) and QR code payments.

Furthermore, the importance of ‘public-private cooperation’ identified during recent entries into Central Asian countries will be mentioned. At the end of July, BC Card established a joint venture with the Kyrgyzstan state-owned payment operator under the cooperation of the Financial Internationalization Response Team directly under the Financial Services Commission. In Indonesia, with the support of the ‘Korea-ASEAN Financial Cooperation Center, ASEAN Representative Office,’ BC Card also signed a business agreement related to the establishment of an acquiring system with the Jakarta Provincial Government Bank (Bank DKI).

BC Card plans to announce its future strategy to expand into other Central Asian ‘-stan’ countries and the Association of Southeast Asian Nations (ASEAN) through public-private collaboration, aiming to develop into the ‘Financial BTS (BC Total Service).’

Woo Sang-hyun, Vice President of BC Card, said, “Although the fintech capabilities of domestic financial companies are already world-class, many face difficulties due to a lack of global networks and experience. Going forward, BC Card will actively participate in any opportunities that can provide practical support for domestic financial companies’ global expansion and share its know-how.”

This content was produced with the assistance of AI translation services.