Green Labs Financial Obtains 'Electronic Financial Business' License

Acquired License from FSC and FSS on 26th
GreenPay Service Launch Imminent, Synergy Expected with Greenlabs

[Asia Economy Reporter Kwangho Lee] Green Labs Financial obtained an electronic financial business license from the Financial Services Commission and the Financial Supervisory Service on the 26th, and will actively embark on financial innovation specialized for those engaged in the agricultural and food sectors.

With the completion of the electronic financial business registration approval, Green Labs Financial will enter the pay service and PG business utilizing prepaid electronic payment instruments and electronic payment agency services. It plans to take charge of all payment operations arising from the services of its parent company, Green Labs, as well as continuously expand its business areas to include domestic and international agricultural and food financial products.

By reducing the fees previously paid to existing PG (Payment Gateway) companies, it will also provide benefits for those engaged in the agricultural and food sectors.

First, Green Labs Financial will enhance consumer convenience by offering various promotions and reward services such as point accumulation when agricultural and food workers make payments. Additionally, through collaboration with financial companies, it plans to launch agricultural and food specialized cards and various pay services that accumulate special points upon payment.

Furthermore, it will diversify its revenue models by participating as a PG operator in other platforms related to the food industry and by digitizing the agricultural materials industry, where payments are mainly offline, to enhance the convenience of workers.

In particular, as Green Labs Financial expands its business areas worldwide and into ESG by collaborating with the global company IME on large-scale crop production and distribution in Nepal, low-carbon agricultural product crowdfunding, and brokerage of carbon credit trading for low-carbon farms, it is expected to achieve scale in its financial business in the near future.

Kim Chan-ho, CEO of Green Labs Financial, said, "The success in obtaining the electronic financial business license within half a year of Green Labs Financial’s establishment is the result of all employees’ dedication to innovating the agricultural and food financial industry,” adding, “We will launch unprecedented financial services to solve the financial exclusion issues faced by global agricultural and food industry workers.”