Korea’s indigenous mobile payment platform developed domestically is launching abroad. On October 18, Park Kyung-yang, CEO of Harex InfoTech, User Centric Shared Mobile Payment Platform Service Provider, signed a business alliance partnership contract with Finnet, one of the largest fintech companies in Indonesia, for sharing user centric mobile payment service, “UBpay’ to be spread throughout Indonesia.
Finnet is the fintech company established by Telkom Indonesia and Bank Indonesia Employee Welfare Foundation with share ratios of 60% and 40% respectively, and one of the largest fintech companies in Indonesia, implementing over 1 billion payment transactions annually.
Harex InfoTech Inc. will offer various financial services such as mobile payment, easy remittance and cash withdrawal with cash dispenser without monitor with Finnet, through the shared ‘UBpay’ platform connected to commercial banks and rural banks with various service providers in Indonesia.
About 60% of the Indonesian population remained unbanked and the cash is still major payment type. UBpay is expected to offer substantial benefits and convenience to local users without burdens like merchant fees to the small and medium merchants.
Amid Alipay and WeChat pay being banned in Vietnam and numerous developing countries being reluctant to adopt foreign fintech platform to protect their own financial industries, user centric shared platform, UBpay, is expected to expand rapidly with no resistance because of perfect localization based on openness and sharing.
Syauqi Maulidzar, VP Fintech Business Development of Finnet, is quoted as saying “we will experience fast growth in the number of users within a relatively short period by sharing the ‘UBpay’ platform with various alliance partners with their own branded mobile payment apps and offering customized services”.
Harex InfoTech Inc. has offered number of seminars focused on ‘financial inclusion and inclusive growth by implementation of user centric shared platform’ not only to the state agencies like Bank Indonesia, OJK (Financial Supervisory Agency), Indonesia Mint Corporation and POS Indonesia (Postal Service Agency) but also to local based micro banks such as BPR (rural bank) with highly positive responses.
Harex InfoTech Inc., with an anticipation of contribution to the relatively lagging financial service of Indonesia by maximizing the characters of user centric shared platform, launched a demo service on October 15th and is scheduled to start commercial services in the first half of 2019.
UBpay is the user centric mobile payment service that allows users to directly request payment authorization from the financial institutions like banks or card companies without an intermediary guaranteeing both perfect security and much lower transaction cost. In the case of small and medium merchants, it offers debit payment service with no merchant fee in line with alliance banks’ cooperation.
CEO Park, states that UBpay is the shared platform that empowers every bank and service provider to implement their own branded mobile payment services without any development cost. All alliance partners also share user’s connected payment network by sharing UB platform so that users freely use mobile payment services of any allied apps without additional payment tender registration once a user registers his or her payment tenders in any one of allied apps. We will keep on making alliance partnership by sharing the platform.
CEO Park of Harex InfoTech, the pioneer of Fintech, announced first mobile card payment system in the world at Silicon Valley, on April of 2000 and holds most critical patents applying to almost whole steps of mobile payment service, multi-factor authentication system combining with PIN and biometrics, payment, cash out and remittance service with mobile and the user centric payment platform shared with alliance partners. Harex InfoTech Inc. received ‘Best Technology Awards’ in Innovation Project Awards hosted by Harvard University on 2013. Harex InfoTech currently shares the customized services to its alliance partners such as financial institutions, merchants, social-medias and various service providers with sharing Harex InfoTech’s own platform of user centric payment and opens whole new world of shared service.