Domestic fin-tech startup Paycock (CEO, Hae Won Kwon) is entering the Russian finance market.
On July 12th, Startup accelerator K-ICT Born2Global Center (Center Head, Jong Gap Kim) announced that Paycock signed a MOU contract with a Russian finance company AEB IT to launch the mobile payment solution in Russia.
AEB IT is a subsidiary of JSCB Almazergienbank JSC, one of the biggest banks in Russia.
Paycock will provide a mobile payment solution ‘Paycock Check’ to JSCB and operate the service via AEB IT platform.
Paycock Check is a mobile payment service that does not require a separate card machine as it processes the entire payment process with only the smartphone camera and NFC. It costs 95% less than the traditional card machine process. It can also process the barcode and QR code payment and issue the cash receipts.
To secure the core technology of the business, Paycock registered 2 patents and issued 14 patents for the corresponding product.
CEO Hae Won Kwon commented, “We met numerous IT companies, banks and investors in K-Global Forum in Moscow, and decided to partner up with AEB IT. We believe that AEB IT fully understands the value of our business model. We agreed to the point that Paycock’s business model best fits the Russian market, where fin-tech is not developed yet.”
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