First targets Asia, including Vietnam and Cambodia, with its B2B Fintech solutions, and later advances into the Western markets
Webcash Group, a company specializing in B2B Fintech, announced its plan to expand into global markets with its B2B Fintech SaaS a software. Webcash Group says it will employ a differentiated strategy in its expansion into each overseas market, more focusing on B2B Fintech solutions in the Asian markets and initiating a tech-based SaaS business in Western markets such as the Americas and Europe.
“Webcash Group will never stop pioneering global markets based on its successful business models in the Korean B2B Fintech. We regard it as our mission to share the value of K-B2B Fintech with global market participants including Vietnam, Cambodia, Japan and the UK.”
Webcash Group launched ‘WABOOKS’, the Vietnamese version of ‘AI KYUNGRI NARA’, last April. AI KYUNGRI NARA is an accounting solution used by 60,000 business customers in the Korean market, being highly recognized for its excellent functionality and efficiency.
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‘WABOOKS’ has innovated the manual expense management process of Vietnamese corporate customers with its diverse functions such as mobile expense management, connection with the National Tax Service, easy payment, and real-time integration of bank account transaction details and balances. In addition, ‘WABOOKS’ is serviced in multi-languages; English, Vietnamese and Korean. This multilingual functionality has contributed to mitigating difficulties in communication between employees who speak different languages.
WABOOKS is currently used by ‘AJ Total’, ‘DORCO VINA CO., LTD.’ and ‘SAM WOON IND CO., LTD.’ in Vietnam, and just recently, ‘Bornga Vietnam’, the Vietnamese branch of the Born Group, a successful dining franchise brand in Korea, has newly signed up. ‘WABOOKS’ aims at 500+ total customers in the Vietnam market by the end of the year. ‘WABOOKS’ is also scheduled to be newly released in the Thailand and Indonesia market in 2024.
Following the launch of ‘WABOOKS’, other Webcash Group B2B Fintech products are also set to be introduced in the global markets one by one. Those are ‘WeBILL365’, a billing & receipt solution, ‘WeTAX’, an electronic tax invoice issuance solution, ‘WeMBA’, a solution for integrating bank accounts for medium/large-sized enterprises, and ‘WeGMBA’, a solution for integrating global bank accounts.
Furthermore, Webcash Group has a plan to tap the Western markets such as the Americas and Europe with a team-working tool ‘morningmate’, a global version of ‘Flow’. ‘Flow’ is a team-working solution that has been adopted by more than 5,000 business customers in Korea. ‘morningmate’ has already begun its business in the Japanese, British, Vietnamese, and Cambodian markets during the year of 2023, currently providing services to corporate customers in 20 countries around the globe, including Latin America. Starting from 2024, companies in the US and some European countries are also expected to try ‘morningmate’ to streamline the team-working process of their employees.
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Webcash Group plans to invest an additional KRW 10 billion in its global business over the next two years. The short-term target of Webcash Group is to secure 2,000+ global customers by 2024, aiming to achieve annual recurring fee revenue of KRW 10 billion within three years from now.
Webcash Group also has the intention of opening more overseas branches to support its global expansion. Currently, it has global branches in Beijing of China, Tokyo of Japan, London of England, Ho Chi Minh of Vietnam and Phnom Penh of Cambodia. Another Vietnamese office is coming soon in Hanoi during the second half of the year. More overseas offices are expected in Thailand, Indonesia, the US and part of Central/South America starting from year of 2024.
Seok Chang-gyu, Chairman of Webcash Group said, “Webcash Group will never stop pioneering global markets based on its successful business models in the Korean B2B Fintech. We regard it as our mission to share the value of K-B2B Fintech with global market participants including Vietnam, Cambodia, Japan and the UK.”
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