2020-07-03 09:53 by Yoo In-Chun
VI Financial’s Fintech Startup ‘Socialbox’ presents integrated airline membership based on financial services
VI Finance, which unveiled its vision of “global finance in the palm of your hands” through a vision declaration ceremony in January, will launch a brand-new financial platform based on airline membership in the second half of this year via its FinTech company “Socialbox” (CEO Kim Ji-eun). Socialbox’s “BUFFY” service aims to provide a new ‘glocalized’ FinTech service based on airline membership in each country.
◇ Airline membership becomes finance
Although the number of people who joined an airline membership program all over the world exceeds 1.3 million, the use of existing airline memberships and mileage is still a closed system. Socialbox’s “BUFFY” service aims to increase convenience and scalability by maximizing the utilization of airline membership and mileage, and to provide its users with COVID-19 traveler’s insurance, currency exchange, and various financial services as well as low-priced tickets.
◇ Global financial platform
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.
◇ Covid-19 Travel Insurance
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 “BUFFY”, the goal is to convert airline memberships, which have been inconvenient and exclusive, into financial services and to expand simple remittances as well as financial services that can currently only be used in a restricted environment across borders, and further, to provide users with more benefits and rewards,” said Kim Ji-eun, CEO of Socialbox.
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