Cocone Posts 4.8 Billion Won Operating Profit in Q3, Up 6.3% Year-on-Year

On November 17, Cocone, a subsidiary of Webcash Group, announced that it recorded a consolidated operating profit of 4.794 billion won in the third quarter. Revenue reached 17.337 billion won. These figures represent increases of 2.4% and 6.3%, respectively, compared to the same period last year.

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Cocone stated that revenue from its core businesses-data and payment-amounted to 8.56 billion won and 8.78 billion won, respectively.

In the data segment, the company expanded its customer base to various sectors such as securities firms, insurance companies, and local governments, focusing on non-face-to-face document submission automation application programming interfaces (APIs).

To respond to the government’s ongoing MyData policy across all sectors, Cocone is preparing to obtain a license as a specialized personal information management institution. Through this, the company aims to promote cross-sector data convergence and strengthen its position as a key infrastructure provider in the data economy.

The payment segment also saw an increase in fee revenue due to growth in simple payment and COATM transaction volumes, as well as the expansion of services linked to local currency. The global pay service business has also gained momentum.

In September, Cocone launched UnionPay services, followed by WeChat Pay services last month. Overseas payment service providers can now conduct real-time payments and cash withdrawals in Korea without the need to build separate infrastructure.

Kim Jonghyun, CEO of Cocone, said, “Profitability has improved thanks to balanced growth in both the data and payment business segments. We will expand our global payment infrastructure and grow into a digital financial platform company that reaches beyond Asia to the world.”

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