Korean FinTech startup InfoPLUS, which operates the financial API platform InfoAPI, is exploring possibilities for a global expansion. The startup has already successfully run in Vietnam, providing application programming interfaces (API) to financial companies to build blocks for digital services. InfoPLUS aims to provide various fintech solutions globally that have proved a success in the Korean financial market.
InfoPLUS wants to simplify fintech services by acting as an intermediate ‘digital financial’ facilitator between banks and corporate/individual customers. InfoPLUS’ APIs handle tasks like scraping, extracting and collecting individual financial information scattered across different accounts related to money transfers and banking activities. InfoAPI operates services like OpenBanking, CMS, Virtual Account, Direct Debit, Standing Order, Scraping, E – Payment, ERP (infoERP), BMS (infoCITY), Debit Card, Payment solutions, Credit Scoring, etc.
InfoAPI is an efficient tool for banking and financial institutions as it can fast-track processes. As the world progresses towards a more cashless society, InfoAPI can help financial institutions retain and expand their customer base. It can save on IT maintenance costs.
InfoPLUS launched services in Vietnam in 2018 and has provided automated banking services to connect with companies and individuals. The startup gets its revenues through fees from the API services. InfoPLUS’ clients in Vietnam include the state’s oil firm PetroVietnam, and local Korean bank branches Woori Bank, Shinhan Bank and NongHyup Bank.
InfoPLUS founders CEO Kim Min Ho and CTO Kim Jong-woo have worked at Woori Bank’s Vietnamese office for years and have experience in the Southeast Asia banking industry. CSO Will Choi has run a fintech business in Vietnam and Cambodia before joining InfoPLUS.
The company aims to provide APIs to more banks and financial organizations in Vietnam and expand to other countries. The startup has won the top prize in the startup pitching competition D.Day, an event hosted by Korea’s largest non-profit foundation for startups, D.Camp. It is now looking for pre-Series A funding round to expand its fintech services in Vietnam and to enter P2P lending services.
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