GalaxiaMoneytree will seize the comprehensive financial payment gateway (PG·Payment Gateway) market by serving as the rail that money runs on in processing flows such as payment and settlement, in step with an era when future finance shifts to stablecoins.
Shin Dong-hoon, CEO of Fintech company GalaxiaMoneytree, an affiliate of Hyosung, said that when the era of won-based stablecoins arrives, GalaxiaMoneytree will become a Blockchain infrastructure partner. Founded in 1994, GalaxiaMoneytree provides a range of payment methods centered on PG solutions, including credit cards, mobile payments, account transfers, gift certificates, convenience store cash, and points.
GalaxiaMoneytree operates services that connect consumers, merchants, and corporate clients, such as convenience store finance based on mobile gift certificates, coupons, and convenience stores; the easy payment platform Moneytree; and the prepaid rechargeable Moneytree Card. Recently, based on its accumulated capabilities in settlement, authentication, and platform operation from its existing payments business, the company has been preparing for a new leap with security tokens (STO·Security Token Offering) and stablecoins.
After graduating from the sociology department at Korea University, Shin joined Samsung Card in January 1995 through open recruitment and served as executive vice president of digital marketing. Shin joined GalaxiaMoneytree in 2020 as senior executive director and was promoted to CEO the following year. The following is a Q&A with Shin.
─ Drew attention with an STO service for aircraft engines.
The purpose of the financial authorities in industrializing STO was to facilitate fundraising and cut expense to help each industry. To aid the aviation industry, we selected aircraft engines as the first STO product.
The Ministry of Land, Infrastructure and Transport (MOLIT) recommends that each airline hold about 10% spare engines, but engines are expensive, burdening low-cost carriers. If GalaxiaMoneytree brings in engines and provides them to airlines, the airlines can borrow engines in won instead of dollars and use them only for the period needed. Individual investors can realize ownership and revenue from aircraft engines through STO.
─ Why pursue stablecoins as a new business?
If payments in the past centered on cards and cash, going forward I believe various digital values such as virtual assets and STOs will be connected and used within a single economic sphere. Stablecoins are not merely virtual assets but can be critical infrastructure that enables payment and settlement in the digital economy. Stablecoins with price stability are expected to serve as a link between virtual assets and the real economy.
For the foreigner prepaid card introduced this year, we are working with a global issuer to review technology and regulations so it can be topped up with stablecoins. We are also forming a dedicated team with a virtual asset exchange and preparing development so Moneytree Card can be topped up with stablecoins. A proof of concept (PoC·Proof of Concept) is in the final stage to enable merchants to accept stablecoin payments and for GalaxiaMoneytree to settle them. We plan to continue testing by expanding to merchants frequented by foreigners.
─ What role will you take in the stablecoin business?
Rather than acting as an issuer, we will become a digital financial infrastructure partner that expands the business by connecting new payment methods. GalaxiaMoneytree has long operated electronic payments, prepaid top-ups, point conversions, and merchant settlements, providing a stable service for various payment methods.
We are focusing on building a structure in which stablecoins can be used in online and offline payments, top-ups, and settlement processes. Leveraging our existing payment infrastructure, merchant network, and experience operating prepaid electronic payment instruments, we are testing to ensure that stablecoin-based payment services work conveniently and reliably for both users and merchants. We are currently working with Tier-1 banks, strategic partners, and merchants.
─ What sets GalaxiaMoneytree apart?
GalaxiaMoneytree is a specialized company that has operated electronic payments, mobile gift certificates, prepaid payments, Moneytree Cash, and online and offline merchant payment and settlement infrastructure. The stablecoin business can be seen as an attempt to graft a virtual asset–based top-up, payment, and settlement structure onto our existing payment infrastructure.
We are particularly specialized in convenience store payment finance. We have run a prepaid payment business through convenience stores nationwide and, by servicing a payment method with an exclusive patent called convenience store payment, we have secured a nationwide convenience store network. With this nationwide network, GalaxiaMoneytree can be the first to offer services that let domestic and foreign users top up and pay with stablecoins, while merchants, the convenience stores, can receive settlements conveniently.
─ What are GalaxiaMoneytree's future goals?
The near-term goal is to introduce a variety of STO products that can help users. Starting with aircraft engines, we will broaden the product scope to mineral resources and real estate, strengthen investor protection, fortify the company's structure, and put all STO products on-chain (On-Chain·Blockchain-based networks).
Our long-term goal is to transition all of our settlement, authentication, and platform operation capabilities accumulated in the existing payments business to the Blockchain. It is to bring stablecoins into the realm of payment infrastructure where they can be used in practice. While complying with related systems and guidelines (Guideline·instructions) going forward, we aim to verify technical stability and user convenience and create an environment where virtual assets can naturally extend into everyday payments.