Top of the Great Era

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

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

Knowing that there will be a lot of tricks in it, I can only accept it.

Just like Samsung.

The total market value of the Samsung Group has reached 4000 billion US dollars, but it can be seen from this year's Forbes Korea Rich List that the total wealth of the Li family is only 210 billion US dollars.

That is to say, the Li family's basic equity in Samsung is only 5% on the surface, and they control such a commercial behemoth through various complicated holding structures.

This is related to the history of Korea.

Samsung started with the care of the military president... It's not clear, if it's yours, it's yours, if it's not, it's not... Later, Samsung encountered a crisis and took the initiative to "donate" 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 went to foreign countries to borrow money, and on the other hand, they sold a large number of high-quality assets... That is to say, most of the shares of top chaebols such as Samsung, Lotte, LG, and SK were bought by Western capital.

This can be analyzed from the results.

After these big Western capitals, led by Wall Street, got most of the shares of Korean chaebols, most of them chose to hold them for a long time...

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 the company's wealth under this chaebol system, the powerful family can do whatever they want... But even so, investing in these big chaebols will still have very rich returns!

The employer’s position is to make money.

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

This kind of big chaebol who controls the Korean national economy is all very rich, and they pay billions of dollars in dividends every year... Holding stocks for a long time, waiting for dividends every year, that 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 Fanxiu wants to do this, let him do it!

Zhou Buqi's core philosophy in South Korea is to support the chaebol, and to stand on the side of the chaebol, helping Kim Beom-soo to become a new chaebol is also protecting his own interests to a certain extent.

However, some words need to be made clear.

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

Jin Fanxiu understood 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!"

With the seat of directors, it is equivalent to holding certain supervision and review rights.

It can avoid tricks to a certain extent and ensure that its own interests are not damaged.

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

Jin Bunxiu said with a smile: "As long as you can support this plan, other things can be discussed!"

Zhou Buqi's request is also simple, and it is nothing more than interests. "All of its holding subsidiaries, when making financing decisions, Ziweixing must participate. Ziweixing should have the right to choose which investment institutions to choose."

Jin Fanxiu said as a matter of course: "It should be, and...Ziweixing will always have the priority of investment. I know the significance of Ziweixing to Kakao. The business of the Internet is 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 the payment business and establish a separate KakaoPay company.Then operate KakaoPay to raise funds, first dilute 10% of the shares, and raise funds of no less than 5000 million US dollars.

That is to say, after the A round, KakaoPay’s equity structure is 90% held by Kakao Group and 10% by the A round investors.In terms of equity, there is no direct relationship between Ziweixing and KakaoPay!

Ziweixing does not hold shares in KakaoPay, and when KakaoPay goes public in the future, it will not be able to obtain the greatest return on benefits.

Therefore, when KakaoPay is financing, Ziweixing must participate in it, so as to get the shares of KakaoPay.

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 felt that Jin Fanxiu's attitude was quite good, and said with a smile: "Next, KakaoPay will be split?"

Kim Bum-soo sighed, and said helplessly, "South Korea's financial system should be the worst in the world. We have been warned several times by the authorities. If we don't split it up, we may face severe punishment."

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. In this regard, it is really difficult for Kakao to imitate Ziweixing or Penguin .”

South Korea almost went bankrupt during the Asian financial crisis.

Although he was rescued later, the core assets were all emptied by Western capital, especially the shares of those big chaebol groups. These are the wealth accumulated by South Korea for decades, and they were all bought by foreign capital.

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

It is much stricter than domestic ones.

Ziweixing has a payment tool "Memberbuy", and Penguin also has "Tenpay", which does not need to be split.Even a few years ago, I didn’t even have a financial license, and no one cared about it.

South Korea is too strict.

KakaoPay must be dismantled at the legal level.

Boss Ma used the same excuse to spin off Alipay from Ali... But in fact, there is no such requirement in China for the time being, and it is all the rhetoric of fooling Sun Zhengyi, Yang Zhiyuan, and many foreign shareholders of Ali.

Zhou Buqi nodded, "What kind of business does KakaoPay have?"

Jin Fanxiu said: "There are mainly four businesses, phone top-up, online transfer, online payment, and offline ATM machine withdrawal."

"ATM withdrawal?" Zhou Buqi was familiar with the previous businesses, but this was the first time he heard of it. "What mode? Don't you use a bank card when withdrawing money?"

Jin Fanxiu is very proud, this is his innovation, "Yes, when going to an offline ATM machine to withdraw money, the user does not need to bring a bank card. Just bind the bank card with the product, and then scan the QR code on the ATM machine to verify Then enter the withdrawal amount, and you can withdraw cash.”

This thing is not technically difficult.

It depends on whether the bank is willing to cooperate with Internet finance companies.

Zhou Buqi told Jin Fanxiu in an email before that to make payment products, you don’t need too many messy ideas, just go to Alipay.

Copy exactly the same, and you will be successful!
In fact, this is indeed the case. KakaoPay is already the most popular payment tool in the Korean market, with nearly 4000 million users.

Because this product is bound to KakaoTalk.

Use KakaoTalk to pay, and the payment service is KakaoPay.

Just like the relationship between WeChat and WeChat Pay.

It's easy to be successful.

Zhou Buqi felt that the ATM withdrawal function was an innovation, but it was nothing more than a trivial matter, and asked, "Is there any more? Just these four businesses?"

Jin Fanxiu was at a loss, "Alipay is like this, right?"

Zhou Buqi laughed and said, "KakaoPay only earns some fees for payments, transfers, and phone top-ups?"

"Correct."

Jin Fanxiu nodded.

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

Jin Fanxiu asked tentatively, "How?"

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

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

Zhou Buqi said with a smile: "That's not enough. Alipay can provide small loans to sellers on Taobao. Kakao also has e-commerce and reliable data support. 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 savored it, "I'm afraid it won't work."

"no?"

"KakaoPay is just a payment tool, isn't it qualified? The Internet financial ideas you mentioned are aimed at... the banking business."

"Uh……"

Zhou Buqi couldn't say anything.

If so, it's hard to do.

Indeed, the financial services provided by Alipay in the previous life were too innovative.Not only is the impact on the domestic financial system, even in some European and American countries, it will be very limited.

A payment is a payment, not a bank.

For example, Zhou Buqi has been paying attention to the third-party account of the e-commerce company. Amazon did not do it... There are many reasons, one of which is the legal factor.

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

Payable is payable.

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

South Korea is such a country, and the management of the financial system is very strict.

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 for a while, and his eyes became brighter and brighter. He felt that Boss Zhou's idea of ​​Internet finance was really valuable, so he said excitedly: "Yes, with the data analysis of the Internet, it can be used to a large extent. It can change the business of the bank online. It can have fewer procedures and simpler operations! KakaoPay can’t do this kind of business, so you can set up a new company——KakaoBank!”

Bank is the bank.

This kid is really determined to become a chaebol.

He wants to open a bank!

(End of this chapter)