"Ringnet(042500) aims to grow into an infrastructure (base facilities) company that implements a digital finance ecosystem encompassing Blockchain technology, virtual asset, stablecoins, digital Shinwon, and next-generation payment platforms. Ringnet's role is to provide technology that customers can use with confidence and a platform that governments and corporations can trust."
President Lee Jeong-min of Ringnet said that when the era of won-based stablecoins arrives, Ringnet could become a Blockchain infrastructure partner. Ringnet is an information and communication technology (ICT·Information and Communication Technology) services and network integration (NI·Network Integration) specialist corporations established in 2000 when the network division of LS Cable & System (LS(006260)) became independent. It was listed on the KOSDAQ market in 2002.
Since its founding, for more than 25 years Ringnet has supported customers' digital transformation by building expertise in networks, data centers, security, and cloud in the domestic IT infrastructure market. Based on the technical capabilities accumulated as a Cisco Gold Partner and large-scale deployment and operation experience, it has also built core IT infrastructure across various domestic and international industries, including public institutions and large corporations. A Cisco Gold Partner refers to corporations that have received the highest top-tier certification in the partner program of Cisco, a global network and IT equipment company.
Ringnet is expanding its future growth engines beyond its existing infrastructure business into artificial intelligence (AI·Artificial Intelligence) data centers, AI infrastructure based on graphics processing units (GPU·Graphics Processing Unit), next-generation security, and digital platforms based on Blockchain. In particular, by combining AI infrastructure deployment capabilities with Blockchain technology, it is also expanding into new areas such as public digital transformation, virtual asset, and regional economic platforms.
Recently, it began joint development of a CPG (Crypto Payment Gateway) with digital finance infrastructure corporations VITOS. CPG is an intelligent virtual asset payment solution that automatically processes, in the back end, payments with stablecoins and other virtual asset held by users so they can pay as easily as with a card, offline or online, regardless of the type of Blockchain network. It has now completed development of the final version of CPG and is accelerating commercialization of the service while conducting a proof of concept (PoC·Proof of Concept) for the stablecoin payment infrastructure business.
After majoring in business administration at Seoul National University and economics at the University of Bristol in the United Kingdom, President Lee served as head of marketing at Ringnet and now concurrently serves as president of Ringnet and chief operating officer (COO·Chief Operating Officer). Managing Director Eom Tae-kyung of Ringnet graduated in communications engineering from Daegu University and now serves as head of the enterprise sales (Enterprise Sales·sales to corporations) business division at Ringnet. The following is a Q&A with President Lee and Managing Director Eom.
─ What led you to pursue stablecoins as a new business?
"For more than 20 years, Ringnet has designed and operated domestic and international networks and data centers for finance, the public sector, and large corporations. Payment infrastructure is an extension of that. It means there is one more type of infrastructure for an infrastructure corporations to handle. Last year, by participating as a validator (Validator·검증인) for the VITOS network, we confirmed firsthand the requirements and operational burdens of Blockchain infrastructure. We judged that this experience could be expanded into a business model.
The stablecoin market is growing rapidly, but to connect to the real economy, it needs roads on which payments can actually travel. In the sense that Ringnet will be the operator that lays and runs those roads, we call this the "digital tollgate strategy.""
─ What are Ringnet's unique strengths in stablecoin infrastructure?
"We do not require a new payment network to be laid again. In the offline technology verification conducted with the value-added network (VAN·Value Added Network) company Kovan, we confirmed that merchants could operate without replacing terminals or building separate environments, simply layering the payment method on top of existing infrastructure. Online and offline use the same infrastructure, and it is designed to link with enterprise resource planning (ERP·Enterprise Resource Planning) so that an accounting slip is generated simultaneously with payment.
Operating payment infrastructure without stopping is harder than building it. Ringnet is an organization that has operated the networks and security systems of finance and public institutions for a long time. Of its roughly more than 200 technical personnel, nearly half—42%—are top-grade and high-grade engineers. It has international standard certifications and a 24-hour security control system."
─ What is the CPG service?
"CPG is payment middleware (Middleware·매개 소프트웨어) for corporations and cities that automatically handles, in the back end (Back-end·내부 시스템), route setting, chain switching, and asset exchange for stablecoins and other virtual asset so they can be used in everyday payment environments. Corporations and local governments can introduce it without major modifications to their existing ERP and payment systems, and an accounting slip is generated simultaneously with payment. In the CPG role, VITOS is responsible for web (Web)3 technologies such as the Blockchain settlement engine and asset conversion, while Ringnet handles networks, security, and operations."
─ What stage is the PoC at now?
"This year, we completed technology verification in three different payment environments: cross-border (Cross border·국경을 넘는) payments in the financial sector, online transactions, and offline payments using existing point-of-sale (POS·Point of Sales) systems. What we confirmed through this verification was whether payment authorization, on-Blockchain asset movement, and linkage of merchant settlement information actually operate within existing payment environments. In particular, in offline verification, we confirmed that existing infrastructure could be used as-is without terminal replacement.
However, technology verification and service adoption are different stages. Stability in environments with large numbers of users at the same time, round-the-clock long-term operations, and the business structure once the system is finalized are areas that must be checked going forward. We are currently in discussions with partners to apply the verified technology to actual services. We expect the timing of application to be determined in line with each partner's business plans and regulatory schedules."
─ What are Ringnet's future goals?
"As AI becomes the new standard of industry, Ringnet is pursuing a leap forward from an IT corporations centered on networks to a global IT services corporations leading AI infrastructure and digital platforms. Our growth strategy will unfold around four pillars: building AI infrastructure, advancing operation services, expanding digital platform businesses, and entering global markets.
We plan to strengthen our integrated AI infrastructure deployment capabilities by making AI data centers and GPU-based AI infrastructure a core growth driver. We will also expand into new business areas such as public digital transformation, Smart City, regional economy platforms, and industry-specific digital platforms by converging next-generation digital technologies such as Blockchain, digital Shinwon, virtual asset, and stablecoins with AI. We aim to evolve into a platform corporations that supports customers in creating new business models.
In global markets, we will expand overseas AI infrastructure and data center businesses based on the deployment and operation experience accumulated in Korea and create new growth opportunities through cooperation with global technology partners."