12CM prepares to launch ‘Cloud Based Fintech Service’
- Innovative B2B transaction system based on Fintech Cloud platforms
- Convenient, efficient transaction method to create a more active transaction environment
- Pilot program with ‘Kibos’, a top children’s toy importer, to handle secure transactions and B2B credit management
O2O & Fintech company 12CM’s CEO, Jeong Gyoun Han, has announced that 12CM has inked a deal to launch a Fintech service using 12CM’s innovative Echoss Platform technology.
12CM is expanding its service line-up, which started with its patented smart stamp software platform services, to include Fintech offerings and even making waves in the Big Data and AI sectors.
Until recently, 12CM had developed Fintech software for use in secure local data centers to use for their ‘Echoss Smart Stamp’ platform services. Now, they are transitioning to the Cloud to bring a cloud-based financial transaction system to market.
In terms of service, 12CM is to collaborate with ‘Kibos’, the top children’s toy import company in Korea, to develop an online platform for logistics management. 12CM will then open a pilot program while developing a system that deals with secure transactions and B2B credit payments of partner firms.
In particular, 12CM is focused on contributing to make a more active B2B market by developing a more efficient and convenient Fintech system to handle bill transactions between companies. In addition, 12CM is planning to develop an escrow system for implementation in the used car market within the second half of this year.
Regarding this new system, Director of 12CM’s Fintech department, Lee Dong Gu, mentioned, “In offline transactions, there exist various practices and processes such as the delivery of the product and credit payment. In order to solve the inconsistency between physical transaction and payment as well as secure transactions, there were unnecessary processes imposed upon the upper management such as cosigning, liability, collateral, and simultaneous transactions in the field.” He also said, “There were many opportunities for business that were lost due to the lack of a system that manages this process.”
Director Lee continued, “12CM’s Fintech systems allow companies without the required IT capabilities to use such services at low cost. There are many successful cases abroad where Fintech companies applied their offering to B2B transactions. [12CM] acknowledges that the potential for applications of Fintech in B2B transactions exists in the Korean market as well.”
