Chapter 2344 Opening a Bank

Zhou Buqi is not a Korean, and he thinks he has no ability to change the status quo of South Korea's deep-rooted chaebol system.

When doing overseas business, the most important thing is to do as the locals do.

Even though I know there will be a lot of tricks in this, I can only accept it.

Just like Samsung.

The total market value of Samsung Group has reached 400 billion U.S. dollars. According to statistics from this year's South Korea Forbes rich list, the total net worth of the Lee family is only 21 billion U.S. dollars.

In other words, the Li family only holds 5% of the basic equity of Samsung, and controls such a commercial behemoth through various complex holding structures.

This has something to do with Korean history.

Samsung relied on the care of the military president... It's hard to explain. If it's yours, it's yours, if it's not, it's not... Later, Samsung encountered a crisis and proactively "donated" 51% of its shares. given to the country.

By the time of the Asian financial crisis, South Korea's financial system collapsed.

Need money urgently.

On the one hand, they borrowed money from foreign countries, and on the other hand, they sold a large number of high-quality assets... In other words, most of the shares of top chaebols such as Samsung, Lotte, LG, and SK were bought by Western capital at the bottom.

This can be analyzed from the results.

After these large Western capitals, led by Wall Street, acquired most of the equity of Korean chaebols, most of their choices were long-term holdings...

This is very telling.

If there were no benefits, they would have cleared out all these shares and sold them all.

In other words, although it is easy to hide profits and transfer company wealth under this kind of chaebol system, and the families with power can do whatever they want... But even so, investing in these big chaebols will still bring very generous returns!

The employer’s position is to make money.

As long as I can make money and make money that I'm satisfied with, that's enough.

The large chaebols that control South Korea's national economy are all extremely wealthy and pay out billions of dollars in dividends every year... Holding stocks for a long time and waiting for dividends every year is 3-5 times the bank interest.

Even the money wolves on Wall Street are unable to change the status quo. They all acquiesce in this situation and make money silently. Zhou Buqi is very self-aware and does not think he can adjust the entire national system.

If Jin Beomxiu wants to do this, let him do it!

Zhou Buqi's core philosophy in South Korea is to support the chaebol. He must stand on the chaebol's side and help Kim Beom-soo become a new chaebol. To a certain extent, he also protects his own interests.

However, something needs to be made clear.

The disadvantages of the chaebol system and various ingenious financial methods that harm the interests of non-powerful shareholders should still be avoided as much as possible.

Jin Fanxiu understood it as soon as he heard it, and said excitedly: "Of course! Definitely! I guarantee that there will be a seat for Ziweixing on the board of directors of any holding subsidiary of Kakao Group!"

Having a director's seat is equivalent to having certain supervisory and review powers.

This can avoid cheating to a certain extent and ensure that your own interests are not damaged.

Zhou Buqi's expression was calm, "Not enough!"

Jin Fanxiu said with a smile: "As long as you can support this plan, everything else is easy to discuss!"

Zhou Buqi’s request is simple, nothing more than profit. “Ziweixing must participate in the financing decisions of all its holding subsidiaries. Ziweixing must have a say in which investment institutions are chosen.”

Jin Fanxiu said matter-of-factly: "It should be, and... Ziweixing will always have priority in investment. I know the significance of Ziweixing to Kakao. All aspects of the Internet business are getting wider and wider. If Kakao wants to do it, it must be long-term. We can only rely on Ziweixing’s support and help.”

This is basically enough.

For example, Kakao Group’s next plan is to spin off its payment business and establish a separate KakaoPay company. Then operate KakaoPay to raise funds, dilute 10% of the shares first, and raise no less than US$50 million in funds.

In other words, after the A round, KakaoPay’s equity structure is held by the group, and 10% is held by investors in the A round. In terms of equity, Ziweixing and KakaoPay have no direct relationship!

Ziweixing does not hold shares in KakaoPay. When KakaoPay is listed in the future, it will not be able to obtain the maximum return on profits.

Therefore, when KakaoPay is financing, Ziweixing must participate in it, so that it can get KakaoPay shares.

Only in this way can we truly enjoy the dividends of KakaoPay's future listing.

As long as this level is passed, Ziweixing's interests will be basically protected.

Zhou Buqi thought Jin Fanxiu’s attitude was quite good and said with a smile: “Will KakaoPay be split up next?”

Jin Fanxiu sighed and said helplessly: "South Korea's financial system should be the worst financial system in the world. We have been warned by the authorities several times. If we do not break up, we may encounter severe penalties."

Zhou Buqi smiled and said, "No, it's an exaggeration."

Jin Fanxiu said: "It's true, the financial system here is too strict. Financial companies are not allowed to operate non-financial businesses, so they can only spin off. At this point, it is really difficult for Kakao to imitate Ziweixing or Penguin ."

South Korea almost went bankrupt during the Asian financial crisis.

Although it was later rescued, the core assets were emptied by Western capital, especially the shares of large chaebol groups. These were the wealth that South Korea had accumulated over decades, and they were all bought up by foreign capital at the bottom.

This has led to South Korea's extremely strict financial system to prevent similar things from happening again.

It's much stricter than in China.

Ziweixing owns the payment tool "Member Purchase", and Penguin also owns "Tenpay", so there is no need to separate them. Even in the past few years, there was no financial license and no one was in charge.

Korea is too strict.

KakaoPay must be dismantled from a legal perspective.

Boss Ma used the same excuse to spin off Alipay from Alibaba...but in fact, there is no such requirement in China for the time being, and it is all rhetoric to deceive Sun Zhengyi, Yang Zhiyuan, and Alibaba's many foreign shareholders.

Zhou Buqi nodded, "What services does KakaoPay offer?"

Jin Fanxiu said: "There are mainly four businesses, phone recharge, online transfer, online payment, and offline ATM withdrawals."

"Withdraw money from an ATM machine?" Zhou Buqi is familiar with the previous businesses. This is the first time he has heard of this. "What mode? Don't you need a bank card when withdrawing money?"

Jin Fanxiu is very proud that this is his innovation, "Yes, when going to an offline ATM machine to withdraw money, users do not need to bring a bank card. They only need to bundle the bank card with the product, and then scan the QR code on the ATM machine to verify Then enter the amount of money to withdraw, and you can withdraw cash.”

This thing is not technically difficult.

It depends on whether banks are willing to cooperate with Internet financial companies.

Zhou Buqi had told Jin Fanxiu in an email before that when making payment products, you don’t need too many messy ideas, just look at Alipay.

Copy it exactly the same and you will succeed!

In fact, this is indeed the case. KakaoPay is already the most popular payment tool in the Korean market, with nearly 40 million users.

Because this product is bound to KakaoTalk.

Use KakaoTalk to pay, and the provider of payment services is KakaoPay.

Just like the relationship between WeChat and WeChat Pay.

It's easy to succeed.

Zhou Buqi felt that this ATM withdrawal function was an innovation, but it was nothing more than a small fuss. He asked, "Are there any more? Just these four businesses?"

Jin Fanxiu was a little confused, "Is this what Alipay is like?"

Zhou Buqi said with a smile: "KakaoPay only earns some fees for payment, transfer, phone recharge, etc.?"

"right."

Jin Fanxiu nodded.

Zhou Buqi said disapprovingly: "How much money is this? Since Korean banks are so cooperative with the Internet financial platform, they can have some bolder strategies."

Jin Fanxiu asked tentatively: "How to say?"

Zhou Buqi said: "For example...for example, the interest rate of a bank is 2%, but the interest rate of a monetary fund may be 5%. You can promote KakaoPay to cooperate with the monetary fund, so that KakaoPay users can deposit money into KakaoPay's wallet. , the promised interest is 4%. It relies on high interest rates to attract users to save money. In this way, KakaoPay can enjoy the 1% price difference every year without doing anything. How big does this have to be?”

Jin Fanxiu was stunned, "Can it still be like this?"

Zhou Buqi smiled and said: "That's not all. Alipay can provide small loans to sellers on Taobao. Kakao also has e-commerce and reliable data support, so it can also do this. Establish the relationship between data and credit , and can also provide small loan services to individuals.”

"This..." Jin Fanxiu had already tasted it, "I'm afraid this won't work."

"no?"

"KakaoPay is just a payment tool. It doesn't have such qualifications, does it? The Internet financial ideas you mentioned are aimed at...aimed at banking services."

"Well……"

Zhou Buqi couldn't say anything.

If so, it would be difficult to do.

Indeed, the financial services provided by Alipay in the previous life were too innovative. Not only will it have an impact on the domestic financial system, it will also be very restricted even in some countries in Europe and the United States.

Payment is payment, not the bank.

For example, Zhou Buqi has been paying attention to the third-party account of e-commerce, but Amazon has not dealt with it... There are many reasons, one of which is legal factors.

Amazon has its own payment facility, which is a financial company.

Payable is payable.

In some countries, payment financial companies are not allowed to supervise third-party accounts, and fund supervision requires a bank license.

South Korea is one such country that has very strict management of its financial system.

KakaoPay is a payment company and is not allowed to do banking business!

However, Zhou Buqi obviously underestimated Jin Fanxiu's ambition.

Jin Fanxiu thought about it for a while, and his eyes became brighter and brighter. He felt that Boss Zhou’s ideas on Internet finance were so valuable, and he said excitedly: “Yes, with Internet data analysis, it can be done to a great extent. It will change the bank's business. It can have fewer processes and simpler operations! KakaoPay can't do this kind of business, so you can set up a new company - KakaoBank!"

Bank is a bank.

This guy is really determined to become a chaebol.

He wants to open a bank!