2020-07-07 13:19 by Kim Dong-Ho
VI Group FinTech company ‘Socialbox’ to launch an integrated airline membership-based service platform
VI, which announced its vision of “global FinTech in my hands” through a vision proclamation ceremony in January, is said to introduce a new type of FinTech platform based on airline membership via FinTech company “Social Box” (CEO Kim Ji-eun) in the second half of this year.
Socialbox’s “BUFFY” service declares to offer a brand-new ‘glocalized’ fintech service based on each country’s airline membership.
Although the number of people who have joined an airline membership worldwide amounts to 1.3 billion, the use of existing airline memberships and airline mileage is significantly low. “BUFFY” is a service that helps maximize the utilization of airline membership and mileage, and aims to increase convenience and scalability. It was created to provide helpful benefits to its users such as COVID-19 traveler’s insurance, pre-exchanges, as well as to help users find the cheapest tickets.
Socialbox shows capabilities to become a global fintech corporation with sister companies including VI AMC Ltd. in Hong Kong, VI Ventures based in China, Europe and North America, and VI Investment Corporation, VI AMC , Bankerstreet(PEF) based in South Korea. It is expected that the global FinTech platform that Socialbox is aiming for can create synergy with VI’s affiliates. Unlike Kakao or Toss, Socialbox’s BUFFY aims to develop a fintech platform targeting users not only in South Korea but all over the world based on VI’s global capabilities.
Later this year, Socialbox’s “BUFFY” plans to launch an integrated airline membership tracking service offering insurance coverage for Covid-19 for its users starting from Hong Kong and further, targeting new members all over the world. During the current circumstances in which travelers are limited to travel due to the Covid-19 pandemic, this membership perk would make it possible to travel between countries without worrying too much about the virus.
With employees of various backgrounds, Socialbox seeks to be reborn as a user-centered service by recruiting experts from various industries as well as FinTech experts.
Operating P2P crowdfunding company ‘P2P money’ for 3 years and big data-based ‘Tau Assets’ in the hotel accommodation business for 7 years from 2009, Yang Tae-sik, who was in charge of management strategy at VI Co., Ltd., is now working as a COO for Socialbox.
Kim Ji-eun, CEO of Social Box, said, “The goal is to convert airline memberships, which have been inconvenient and not helpful, into a FinTech service through “BUFFY”, so that users can enjoy more benefits and rewards that can be conveniently used across borders and not just in a restricted environment like now.”
Original article published in:
Seoul Economic Daily