Direction of AUC Project
We are AUC project team.
Today, we would like to briefly take a look at the global fintech market, and talk about the direction AUC project should go.
In the past, financial platforms started with B2B payments. However, the advantages of payment platforms such as Ant Financial, PayPal, Square, and etc. have begun to move on to B2C rather than B2B. This means that the current number of subscribers and growth rates of Alipay and PayPal are starting to be a key. Financial platforms did not stop just to supply and increase number of subscribers of B2C apps, but kept on evolving to combine payment and reception functions. Typically, Square’s Cash App has been successful this year, and the combination of payments and receipts has now emerged as a new trend.
The purpose of rapidly expanding financial platforms from B2B to B2C and receiving is to secure lucrative information and actively utilize it to build a virtuous cycle ecosystem at the center of the platform. In other words, the ultimate goal is to grow along with Lock-in and an eco-system where merchants and individuals maximize the utility in an eco-system.
Of course, it is difficult to discuss the success of these platforms at this point, but if a platform succeeds in building an ecosystem through a combination with finance, the value of the platform will just not stop as a possibility but go far beyond the possibilities.
Starting off with entering B2C simple payment markets, AUC project team will expand our business to B2B and B2G markets.
Tier app, which is scheduled to be launched in the first half of this year, is a global simple payment app that can be used in any country and region in the world, from underdeveloped countries to advanced countries. Not just QR payments, Tier app is also designed to use all electronic payment methods in cooperation with existing payment market companies such as banks and credit card companies. In addition to payments, domestic individual remittances and international remittances are available in our app. It will also be equipped with a virtual asset payment function so that virtual asset holders can make payments using virtual assets in our simple payment app.
In addition, the AUC project team is working with NICE Information & Telecommunication in Korea on a joint AUC project, which is about a payment network based on the overseas and domestic blockchain DATABASE MANAGEMENT SYSTEM(DBMS). NICE supports the payment system of the digital money in the payment network and digital money for the AUC project, and co-development is carried out to develop the IC card system linked to the AUC’s own digital money and to apply the IC card’s module to the POS system. The payment gateway settlement system of the AUC project is under joint development of POS device and application package aimed at first half of 2021.
The AUC project team will analyze the latest trends and market conditions in the rapidly changing fintech market and find the correct position in the current financial market and propose a truly user-friendly fintech solution.
We only think from the user’s perspective.
What is next?
bottom line, having a customer-centric culture is more than just a good thing — it’s become a matter of survival.
- Jim Marous