[Blockchain in SEA] Blucon, the Forefront of Payment Solution
[Blockchain in SEA]
124days ago


Time:  04/17  20:20

Wechat group: BlockChain-in-SEA

Guest: Sabrina Kim, Blucon CEO, Korea

Host: Andy Zheng, CEO, Beecast


Andy Zheng: Good evening, everyone! I am Andy Zheng, CEO of Beecast.

Welcome to the leading blockchain community media [Beecast] and join us with 5000+ communities & 1000000+ Beecasters in [Blockchain in SEA] to discuss blockchain technology and industry development.

This is the phase 21.

Topic: Blucon, the Forefront of Payment Solution

Guest:  Sabrina Kim, Blucon CEO, Korea

Sabrina Kim is BLU Global Partner (Singapore) and F.A.Lab (Korea), Global Marketing Director.

She previously worked as Morgan Stanley Capital International - MSCI Barra (Hong Kong), Corporate Event Analyst and Inside Fashion New York (Hong Kong), Marketing Specialist.

She also has worked on Youjiali International Trading Ltd. (China) as a vice President, Namuhana Ltd. She used to be a general manager of Yiwu Branch (China) .

In 2018, Sabrina Kim seted up BLUCON.

Andy Zheng: Miss Sabrina, you can introduce yourself. What made you decide to go into the blockchain industry?

Sabrina Kim: Okay, I'm Sabrina Kim from Korea, Andy already introduced about myself very well, so no more details. When I worked at Morgan Stanley Capital Internationl in Hong Kong as an analyst and I mainly covered Korea and China market.

As we are making MSCI index from whole major corporates, we were dealing with confidential information, and our office was separate with other teams, only talking to computers made be really boring. So I decided to leave the industry.

When most Koreans play with coins I still didn’t get close to the blockchain industries. And when I heard a story from my friend that using blockchain technology can trace the seafood resource from the fishers, it can improve the most undeveloped fishing industry.

When I heard that 20% of whole world population is related to fishing industry, I was shocked. So I felt the blockchain technology is incredible that can make a big movement for such a lot of people, and it was very attractive to me. That’s why I'm into it.

Andy Zheng: Why did you start the Blucon? Why Korea over other countries?

Sabrina Kim: Making Blucon was the similar reason why I picked this industry. I believe it can make a big movement. Korea's IT and infrastructure are one of the best. But Korea is very small and don't really spread out to the world.

And Blockchain technology is also one of the best, but its pie is too small comparing to the whole traditional financial industry. It's like a totally different separate island. So I wanted to solve the problem that blockchain's existing problems and make its world bigger.

Why I picked Korea is that Korea's card payment system, transportation card infrastructure is already proved NO.1 by the world and we utilized in everywhere in Korea, so we mergered a company which already have more than 10 years background for payment system development, and we could also issue our blucon transportation card by Lotte Group.

So not only for the all bus, taxi, subway, convenient stores…many places of whole Korea, and also can be directly use in all Lotte affliates stores. This is a big movement.

Andy Zheng: You are the CEO of Blucon. What kind of project is this? What is your train of thought of technical development for blockchain projects?

Sabrina Kim: To introduce Blucon very short, BLUCON connects crypto with traditional payment network. So our platform's name is Exo-platform.

It means connection, we don't reject existing payment system, rather we including the traditional payment system and make blockchain industry much bigger. We developed our own unique platform, and we provide this platform to crypto exchanges and foreign exchanges.

With this platform, users of exchanges can use their listed digital assets anywhere in the world in real-time transaction, just like visa, master cards.

We are B2B provider, we provide platform and 3 kinds of cards to exchanges. 

1. Domestic Korea transportation card.

2. Global debit/credit card, it comes with EMV( It includes europay, master, visa networks).

3. Global one card, which is also a transportation card but is a compatible card for several countries. This is one of our big business.

So what I think most important technology for blockchain project is that should be accepted for everyone. It shold be a common life. There are lots of great idea and great technologies, but if it cannot be used in the real world, it can be disappeared at last with only good purpose.

Andy Zheng: As a senior expert in blockchain technology, what do you think is the biggest obstacle that restricts the breakthrough and application of blockchain technology? What are the applications of Blucon?

Sabrina Kim: I don't call myself an senior expert, I'm still learning a lot.

Many blockchain projects says its speed or security, of course it's also very important. But how many projects can be used in the real life? Almost none. If you compare with the existing financial market, blockchain is very very small. It means it is not really utilized yet.

The biggest obstacles should be the government and the existing system, and also the banking system. So if we just wait till they agree with the blockchain system, it will take a lot of time.

If we now can connect with existing bank system, and win-win to both parts, they will move slowly anyway. That's what we do. We are using the existing payment system with cryptos. Very simple, Blucon's applications are everywhere, just a real life.


Andy Zheng: What difficulties did Blucon encounter during its establishment? At present, what are the bottlenecks and challenges in the operation of Blucon?

Sabrina Kim: Long story for this question, I want to tell many things but I will try to make it short.

There are many payment projects as you heard a lot. And they also have many problems, because their advertisement misleads people. So when we introduce at the first time, they think we are just one of them.

We are providing real-time transaction in few seconds, because our platform can make it automatically, it connected with exchanges, bank, card and membership stores. If you see those other projects, they say similar things, but many different if you inside of it. totally different. One kind of them is the Visa card and can check their crypto balances, but if you don't have cash in the card, still cannot pay. Only a balance checking through Visa card. 

Second kind is like an electronic card, you can connect many cards with it, but it's just like a cold wallet. And few of them can make a payment use crypto, but the membership shops should accept their crypto. It means it takes lots of time and cost to develop their market.

Also, few are can make a payment with crypto and the membership store receives by national currencies, like BLUCON, very similar. But the big difference is that the exchange needs to make a trade manually every time, it's not a real time transaction, so there is time lag. It can be a risk for uses too. Then why we can make it in few seconds? Because we have the platform to make the transaction in real time.

So what we need to do is that we spread the right information, and we can provide those projects a way to solve their existing problems. I don't think only good for BLUCON is the best way, we can be a way to make those payment projects a support.

Andy Zheng: As an emerging market of blockchain, what is the layout of Blucon in southeast Asia?

Sabrina Kim: South-east asia is our main plan for this year. We are working on the Global one card for Soutneast Asia first. For this plan, we are going to coorperate with Easylink in Sigapore for a compatible card with Korea. Our Global one card is already developed all COS for every countries.

We already had contract with Weihai City in China, The ikatong will be a compatible card with our Lotte issued Blucon card. It's a big business. And also we had a contract with Indonesia MUI, the musling community, they have more than 170 million people in the community.

The exising card market is read ocean, but if it connects with Crypto, this is a blu ocean. So this year, we will have many exciting things happened, very looking forward it.


Andy Zheng: thers are many  blockchainers from Vietnam, Thailand, Indonesia, Malay and the Philippines in this group. I hope you can have better communication with them.

Sabrina Kim: Oh that's great! Yes, sure I want to.

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