Korea’s New AirBnB Type Accommodation based Booking and Payment Consortium has Formed!
The Human Plus Inc. and Korea Accommodation Industry Association, together with LG U+, Woori Bank, KIS Information & Communication and Coocon has signed special accommodation based consortium agreement.
Prior to the conclusion of the business agreement, the Korea Accommodation Industry Association established a joint venture with The Human Plus in cooperation with Big Four Consulting Company. The Human Plus, which developed HUPAYX, the next generation digital currency based payment platform, presented its plan for the development and operation of accommodation based booking application and payment platform to a board meeting of 60 members of the same branch and internally organized members that represent 80% of all hotels and motels in the nation.
Chung Kyung-Jae, chairman of the Korea Accommodation Industry Association, said in a statement - “We expect to become a market leader in the accommodation industry by improving the structural problems of the current hotel booking application operators, such as: Yanolja and YeogiOttea (WithInnovation). In addition, we expects to contribute to the further development and improvement of the hospitality industry, by operating a reasonable accommodation reservation application.”
HUPAYX’s TechFin business model utilizes “point” based payment system that will be used for all booking and payments. In this case all digital currencies can be converted into points, which are served as an internal stablecoin pegged 1:1 with local currency such as KRW. Now HUPAYX can more flexibly cover both crypto friendly and crypto restricted markets, as a result covering all regulations of fintech and crypto industries. Below it is introduced as a Conventional Business Model:
The main contents of this business agreement include the establishment of a joint venture between the Korea Accommodation Industry Association and The Human Plus (HUPAYX), the development and operation of accommodation based booking applications through partnership with consortium partner companies, and specifically the reduction of payment fees, reservation and sales marketing innovation, providing operation and management systems, and managing, developing and operating the hospitality industry.
The agreement was attended and signed by representatives of each entity including the Chairman of the Korea Accommodation Industry Association, LG Uplus Channel Director and CEO, Woori Bank Branch Manager, KIS Strategic Planning Director and Coocon Strategic Planning Director.