Currency United is an artificial intelligence (AI)-based online currency exchange platform. It was established in August 2022 by CEO Yoon Min-seong, who worked for 23 years as a software engineer at Samsung SDS, LG Electronics, and Coupang. With family overseas, he sought to improve the inconvenience of existing currency exchange systems in order to send tuition and other costs.
CEO Yoon focused on solving customer-unfriendly issues in the currency exchange market, including different exchange rates from each currency exchange provider, exchange fees of 1-12%, a supplier-driven market, and a lack of diversity in foreign exchange sales methods.
CEO Yoon noted, "I will create a service that allows transactions of all currencies without fees, anytime and anywhere on a single platform," and expressed his ambition to become the "carrot market" of the currency exchange industry.
Currency United launched the AI-based online currency exchange platform "Qunit" last August, just a year after its founding. Its competitive edge lies in directly connecting foreign exchange holders and demanders online, which eliminates currency exchange fees.
CEO Yoon emphasized that Qunit is "a currency exchange system focused on consumers." In the existing currency exchange system, information was limited under the control of suppliers, causing consumers to sell at low prices and buy at high prices. However, CEO Yoon built a system that allows users to transact currency at their desired prices by disclosing information between foreign exchange holders and demanders, similar to stock trading.
Additionally, the service has introduced features that analyze data based on AI to provide estimated transaction completion times according to quotes, and to suggest quotes based on changes in the standard exchange rate.
Qunit will also venture into currency exchange rate prediction services through the advancement of AI technology. The plan is to maximize the benefits of customers engaging in foreign exchange transactions.
As of last month, Qunit recorded 7,000 downloads and achieved a currency exchange transaction volume of 5 billion won. The goal for next year's currency exchange transaction volume is approximately 100 billion won. The popularization of currency tech is also a goal for CEO Yoon. He said, "We are preparing a subscription service that allows ordinary people to easily access the automated currency tech system."
CEO Yoon plans to add overseas remittance services after currency exchange. In addition, various currencies will be offered, including the current transactions of Korean won, U.S. dollars, Canadian dollars, Japanese yen, and Chinese yuan. Furthermore, the plan is to operate offline branches to respond to cash demand in the long term, moving beyond telegraphic transfer-centric currency exchange.
CEO Yoon said, "We plan to promote transparent foreign exchange transactions through direct transactions between customers while accumulating customer data to enhance the Qunit AI engine and showcase various currency exchange systems for customers."