Interview for RENC
‘The show must go on’ is the first chapter when I entered Freshmen English I class in my Univ. at the age of 21. It reminds me that even if you’re having difficulty with my life, I must make an effort without complaining, just do something. Frederick Douglass said, an American social reformer, abolitionist, “If There Is No Struggle, There Is No Progress”
[Opening ]
I am embarrassed about this interview a little, but I am COO at RENC Global Corporation. Broadly, this business belongs to sharing economy business. I am not sure you like it or not, but I think this is a great business. I am building the car sharing platform in Singapore(SGP) first as a test bed of this platform, and then, I am trying to build this system not only SGP but also around the world. I hope this platform will be essential for existing or increasing new car sharing providers in the world. We will get a platform commission in proportion to gross revenue what I supplied. I will say, how this service wonder is later, I would like to talk about myself first.
[Car sharing service & I]
We must do something. I started POSCO- Daewoo Corporation which was ranked top the 2nd trading company in ROK. It was exciting to experience how to trade at the age of twenties around the world. Also, it was so tough days from early morning till late at night in the workplace. I was upset at that time because personally, I want to study the literature more in Univ. However, all of sudden, I changed my life plan to business instead of against my intention. I can remember the business world is something like the jungle, very selfish, so cold, and harsh. I quit such a good company and then traveled to China and Europe for about 6 months. It was my first and last traveling alone in my life.
I did not know I would have a car sharing business at that time. After coming back to Seoul, I joined in the wagering business, mainly, system and marketing section. I knew how the network system works. While looking for system business, I became interested in this block-chain and car sharing service. Car sharing services and wagering businesses are different, but they are very similar in terms of building systems for services. In order to sell a lottery ticket, all lottery system needs to be consolidated to operate in order to issue a lottery ticket. Something like that, car sharing service needs the system to support. This service has an operating system, receiving many kinds of data for customer’s booking, complaining, and car owner’s registration etc.
[Sharing economy vs. Car sharing service]
What is the sharing economy is? Lawrence Lessig is the first person to express sharing economy in
this book around the period of global financial crisis in September 2008. There are many trial and
errors since. I read the Korean Hankyoreh of newspapers article
(quote) Nowadays, many Korean twenties, thirties, tries to share the kitchen together. Recent Korean young guys are willing to pay for raw food material, renting the kitchen, and they like to make a food, talk, eating together. It is another type of sharing economy (unquote).
It reminds my twenties personal life; when I invited to the party, I would take wine or something else to eat with my friends at the party.
By the way, the youngsters are crazy about the sharing economy is expanding from the sharing of food and shelter, fashionable clothes etc. PricewaterhouseCoopers (PwC) the global consulting company say that the world’s shared economy will grow to $ 335 billion by 2025.
However, there is not always good signal in the world; there are conflicts against existing similar business industry. Some sharing companies were closed in the market due to various limitations by the government as well. Certainly, we can solve this problem; Needless to say, the most important thing is profitability and service quality. It is like wheels turn on their axles to maintain the business sector. The car sharing service is a part of every country’s traffic transportation infrastructure; therefore, I will ask the help of the government agency for public affairs. Is it wrong? No. Above all, these car sharing services will be more and more activated, and our platform will be used accordingly.
Car sharing is generally regarded with; if you pay some small money by the hour, you can drive the car with your driver license. There are many types of car sharing service around the world;
① Peer to Peer is the service of car owners let their vehicles available for the renter to use for periods of time.
② Free — the floating car is the rental company owns vehicles for the same service.
③ The stationary car is good for longer and planned trips. You can reserve the vehicle of your choice at a certain station for a certain period of time. After the ride, you take it right back to the same station. The stations are usually within the city center or a certain region
Car Sharing Market size is set to exceed USD 11 billion by 2024; according to a new research report by Global Market Insights, Inc in 2018. 4. 16. The global fleet size and number of members will grow at around 20% CAGR.
The commission-based business of the platform supply
I am sure, as mentioned beforehand; we provide the high-quality platform. It is very clear on this issue, I will cooperate with the car-sharing service providers in the world who understand their country very well.
I am a believer, this kind of business is about to expand now. Therefore, in this sense, young people want to live a more convenient life, so that we can give an overwhelming car sharing platform service throughout the world, including targeting housing rental service as well. In addition, we will own a car sharing service some area in the world.
Systemize 4 basic principle services
My target generation is the young person (age of thirties, forties) who can afford to enjoy this kind of service. Many people travel from some place to another using taxi, buses even dangerous hitchhiking, etc. It is time to have a very outstanding platform should be proposed.
We will promote the fact that anyone can use this 4 basic principles service: Safe, Cheap, Comfortable, 1: 1 direct customer service by the phone call. If you are not safe, you do not have to use this platform. I think our platform should be convenient for both who wants to register his car and the customer who wants to drive it as well. We have the car rental service experience how to develop the platform.
It is cheaper, safer, and more comfortable than another platform in the world, and the customer service center will be satisfactory any inquiries directly with a phone. As I am able to truly give powerful this platform with cheap price, most the car owners, renters, and car sharing local service providers are satisfied with.
As you know, I am going to accumulate how the platform is working in Singapore as a test bed. The car troubleshooting, disposal, insurance, and theft can be carefully considered in Singapore. I think it is also important to secure parking space. I will make field manual how to operate this system.
[ My critical goal is the RENC (“Rental Coin”) distribution ]
I don’t have to do this, but I really want to say this car sharing service is closely intertwined with a block-chain cryptocurrency. Do you why? Basically, in the beginning, I will start this business with funds from ethernium.
As a result, after a successful sharing service operation in SPG, step by step, the platform can be adopted globally. What is the impact of this? The renter might be welcome to pay RENC as well as a credit card, Paypal etc. Gradually, the value of RENC will become to increase in the exchange market. Finally, the revolutionary RENC will be recognized as the money. At the same time people become to try and have RENC, it contributes to paying some portion of the car-sharing service. Coming out of this virtuous circle, it will increase the need of the RENC market more and more. In the long-term, thanks to car sharing membership, we will also reach to the housing rental service. In conclusion, the RENC investor will get reward with money in the near future. What do you think about this scenario?
End of story
