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Seven steps for Vietnam to leapfrog to a developed economy

Released at: 09:21, 08/05/2019

Seven steps for Vietnam to leapfrog to a developed economy

UBpay Algorithm, Direct Payment with no intermediary (Photo source: David Lapetina)

Mr. Kyung Yang Park, Founder, President & Chief Visionary Officer of Harex InfoTech Inc. tells VET about his plans to extend a "no middlemen" payment platform to Vietnam and suggests seven steps in Network Revolution for Vietnam to jump up to a developed economy.

by Thu Hoang

■ Why did you decide to come to Vietnam and introduce your payment platform, UBpay, at this time?

Mr. Kyung Yang Park (Photo source: Harex InfoTech Inc.)Vietnam and South Korea have a good relationship now and I would like to contribute to the development of Vietnam's economy.

Vietnam has a high unbanked and underserved population, with only 31 per cent of people having bank accounts, and a high mobile penetration rate of 139.7 per cent. Financial inclusion and inclusive growth for Vietnam's economy are on the national agenda.

UBpay is the perfect solution for financial inclusion and inclusive growth with low cost, providing universal benefits to all participants with maximized consumer benefits.

I would like to suggest seven steps in network revolution that would help Vietnam become a developed economy. 

■ Can you tell us about the major advantages UBpay holds compared to other payment platforms in the world?

UBpay is a user-centric payment and commerce platform that enables consumers to connect to banks (financial institutions) directly, with no middlemen.

“No middlemen” means “no cost” on intermediaries and better security, since no credentials are passed on to middlemen. The UBpay platform minimizes the cost for banks and merchants in transactions and maximizes consumer benefits with loyalty points, rewards, and coupons with payments by sharing a system with all service providers.

UBpay enables all banks and service providers in every country to provide their own brand’s payment service for maximum consumer benefit at the lowest cost. It creates a User-Centric New Economic Order with no middlemen.

We live in a world where everyone carries smartphones with high speed communication, so connectivity is everything and individual users are the hub of a hyper-connected network. Old business know-how in business-centric networks now means nothing.

In this new economic order, success flows primarily from understanding user-centric networks and these have their own rules with no middlemen. New Rules is the survival kit for the new economy and the user-centric hyper-connected network economy. This new economic order inevitably results in the Next Revolution by User-Centric Artificial Intelligence, making the world a better place with “Better Capitalism: Making Money by Doing Good”.

Transactions have always involved middlemen between users and service providers like banks. Middlemen bring extra cost, complexity, and potential for error, as well as security issues like hacking or data theft, etc. The UBpay User-Centric Shared System provides a secure, fast, transparent, error-free digital record of the history of transactions and universal benefits to all participants with maximized user benefits, and so has the potential to replace transactions using many intermediaries.

■ The Vietnamese Government has plans for the country to become a cashless digital economy. How can UBpay fit in with these targets and support Vietnam in becoming a healthier economy?

To jump into a cashless digital economy, Vietnam needs to reduce its unbanked rate dramatically by allowing the unbanked population (which is 65 per cent of the population) easily access banking and financial services at low cost with better security, so they can participate in economic activities and increase economic transactions.

We need to invigorate the local economy for inclusive growth. Inclusive localism is key to Vietnam’s future economy and economic equality.

UBpay has a perfect solution, with the seven steps in the User-Centric Network Revolution I mentioned above.

■ What are your expectations from your visit to Vietnam and what are your business plans in the country in the time to come?

I would like to discuss with key policy makers and entrepreneurs about financial inclusion and inclusive growth in Vietnam and the way to transfer the UBpay User-Centric Universal Shared Platform to Vietnam so that the country can lead the User-Centric New Economic Order and leapfrog to a developed economy.

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