"BPMG aims to become a specialist developer of financial infrastructure for stablecoin distribution. We want to help create a financial environment where stablecoins are used naturally across various countries."
Moon Beom-young, head of business at BPMG, stated accordingly about future goals as a won-based stablecoin technology company. BPMG develops enterprise infrastructure based on Blockchain and artificial intelligence (AI). It built an enterprise Blockchain wallet and a play-to-earn (P2E) system that lets users earn money while gaming, and recently has been working with financial institutions such as Kbank to establish remittance, payment, and settlement systems using stablecoins.
After graduating from the College of Natural Sciences at Seoul National University, Moon served as general project manager (PM) for the BookJam e-book service corporations and as Head of Team for the digital business team at Woongjin Book Centre before overseeing stablecoins at BPMG as head of digital asset solutions and business planning. The following is a Q&A with Moon.
─ You are working with Kbank on a won-based stablecoin business.
"If banks handle trust and financial functions, BPMG builds the technology infrastructure that runs on top of them. Kbank, as a financial institution, handles financial functions such as customer accounts, know-your-customer (KYC), anti-money laundering (AML), and management of fiat currency.
BPMG is tasked with developing the Blockchain infrastructure and smart contract-based systems that can process exchange between stablecoins, remittances, and settlements for financial institutions. While complying with domestic regulations and allowing global financial institutions to connect flexibly, we are working closely with Kbank throughout the entire design and proof-of-concept (PoC) process."
─ What is the current status of the stablecoin PoC?
"Last year we conducted the first PoC on an overseas remittance structure using a won-based stablecoin and confirmed technical feasibility. This year we are in the stage of redesigning it to fit the actual service environments of Korea and Thailand. The goal is to build a service model linked to each bank account."
─ What are the strengths of BPMG's stablecoin infrastructure?
"Stablecoin infrastructure can greatly reduce the speed and expense of international remittances by automating exchange and settlement through smart contracts. The infrastructure designed by BPMG has the advantage of conveniently handling global remittances even in regions with strong controls over the outflow of their currency."
─ Why target overseas markets such as Thailand and the Middle East first?
"Domestically, stablecoin-related frameworks are not yet fully in place, but Thailand and the United Arab Emirates (UAE) have established regulations and sandbox environments for digital assets, making it easier to conduct various proof-of-concept tests in collaboration with actual financial institutions.
For now, we are focusing on building overseas remittance infrastructure, but in the long term we aim to expand into payment and settlement networks based on stablecoins. Once a network involving multiple financial institutions is formed, we believe not only remittances using stablecoins but also various financial services will become possible. BPMG will take on the role of providing the technology that processes exchange, remittance, and settlement between stablecoins in such a network."
─ When will you launch the stablecoin business domestically?
"Domestically, as digital asset-related frameworks are being organized, there are aspects that make it difficult to experiment in the form of actual financial services. BPMG began developing stablecoin infrastructure early last year. Once the framework is in place, we will be able to launch services immediately based on our proof-of-concept experience abroad."
─ What are BPMG's future vision and goals?
"BPMG's goal is to connect traditional financial institutions and Web3 technologies to make financial services faster and more efficient. We also plan to expand our capabilities in Blockchain, AI technologies, and gaming to try various initiatives, such as a production management solution monitored by AI with histories stored on the Blockchain, solutions that support game development and operations for small and midsize game developers, and a Web3 community that combines Generative AI with game content," Moon said.