Webcash to accelerate overseas expansion as B2B fintech

South Korea's Webcash Group announced on Tuesday that it will enter the overseas market with its B2B fintech and software-as-a-service (SaaS) solutions.

It plans to differentiate its B2B fintech solutions for the Asian market and focus on SaaS for Western markets such as the Americas and Europe. Webcash Co. will invest an additional 10 billion won ($7.56 million) in global business over the next two years.

The company also plans to expand its overseas presence. Currently operating in Beijing, Tokyo, London, Ho Chi Minh City and Phnom Penh, it plans to establish a new subsidiary in Hanoi, Vietnam, in the second half of this year, followed by further expansion to Thailand, Indonesia, the United States and Central and South America after 2024.

Through these efforts, Webcash aims to secure 2,000 global customers and achieve 10 billion won in commission-based revenue within three years.

Webcash Group released Wabooks in April this year, which is the Vietnamese version of its Serpcamp platform. Wabooks improves expense management processes for Vietnamese companies. It also facilitates communication between Vietnamese and Korean employees by supporting English, Vietnamese and Korean languages.

Wabooks is currently expanding its market reach by providing services to companies such as Kyungbang, Dorco Vina, Samil Vina and Bornga Vietnam, the Vietnamese subsidiary of The Born Group.

With a goal to secure 500 corporate customers within the year, Wabooks plans to expand its services to Thailand and Indonesia by 2024.

In addition to Wabooks, Webcash Group plans to sequentially release global strategic products such as the billing, payment and collection solution WeBill, the global mid-sized to large enterprise cash management solution WeMBA, the electronic tax invoice issuance solution WeTax and the global integrated cash management system WeGMBA.

Furthermore, the company is targeting the Western markets, including the Americas and Europe, with its collaboration tool Flow, which has been adopted by over 5,000 domestic companies.

The company will introduce the overseas version called MorningMate. MorningMate was launched in April 2023 in Japan, the UK, Vietnam and Cambodia. It currently serves 20 countries, including Central and South America. Starting from 2024, its plans to expand to the United States and other European countries to further broaden its market presence.

"Based on our successful model in the domestic B2B fintech field, Webcash Group will continuously explore the overseas market," Chairman of Webcash Group Seok Chang-Kue said. "We will promote the value of K-B2B fintech in the global market, starting with Vietnam, Cambodia, Japan and the UK."

Write to Mi-Hyun Jo at mwise@hankyung.com