KG Inicis, a leading Korean payment gateway (PG) company, is joining forces with global cryptocurrency platform Crypto.com to build digital asset-based payment infrastructure.
KG Inicis announced on the 17th that it signed a memorandum of understanding (MOU) with Crypto.com on the 16th of this month to advance the digital transformation of global commerce and develop related infrastructure.
Crypto.com is a cryptocurrency platform with approximately 150 million users worldwide. KG Inicis is considered one of Korea's major PG companies.
Through this agreement, the two companies plan to build a network enabling major cryptocurrencies and domestic and international stablecoins as payment methods, while complying with Korean regulations and institutional requirements. The initiative aims to expand K-commerce payment options by allowing overseas users to purchase products from Korean online merchants using their digital assets.
This is expected to reduce fraudulent transactions and chargeback burdens that frequently occur with overseas card payments. The companies believe that once cryptocurrency-based payments become established, both payment stability and efficiency can be improved simultaneously.
KG Inicis has been exploring payment structures connecting digital assets and commerce, leveraging its accumulated payment data, infrastructure, and global network. Recently, the company has been accelerating efforts to establish institutional foundations for business expansion, including proposing the addition of blockchain and digital asset-related business purposes as an agenda item at its annual shareholders' meeting.
KG Inicis is making these moves as new financial structures combining digital assets with the traditional economy are rapidly being established in global financial markets. In line with this trend, building payment and commerce infrastructure connecting digital assets with the real economy is gaining attention.
With this partnership, KG Inicis plans to build an ecosystem where digital assets lead to actual consumption and payments, while expanding their scope of use. The company also plans to explore collaboration with its subsidiary KG Mobilians.
A KG Inicis official stated, "Payment infrastructure connecting digital assets and the real economy will become a core competitive advantage in the finance and commerce industries going forward." The official added, "We plan to continue cooperating with various global partners to expand payment infrastructure that enables digital assets to be used in actual economic activities, based on legal and institutional foundations."
