HectoFinancial Provides Payment Service for Yeolmae Company, Korea's First Fractional Investment Platform

With the approval of Yeolmae Company's securities registration statement for the issuance of art investment contract securities, Hecto Financial has secured a reference for the payment service of Korea's first fractional investment (STO).

Yeolmae Company's securities registration statement, which adopted Hecto Financial's account-based payment solution for payment, was approved by the Financial Supervisory Service on the 15th, earning the title of the first in the competition to dominate the fractional investment market expected to grow to 300 trillion KRW within 10 years.

In particular, while most art fractional investment platforms that recently submitted securities registration statements to financial authorities adopted securities accounts as the payment method, Yeolmae Company was the only one to adopt the electronic financial company's process, drawing attention to whether it would be approved.

When paying the STO issuance amount through Hecto Financial's account-based payment solution, there is no need to open a separate securities account, which can provide convenience for investors in payment methods and reduce issuance costs from the issuer's perspective.

A representative of Yeolmae Company said, “Based on about 20 years of service operation know-how and stability, we are providing the nation's number one account-based payment solution,” adding, “Positive effects are expected in various aspects such as reducing issuance costs and expanding investors' subscription accessibility.”

Following the approval of Yeolmae Company's investment contract securities registration statement, investor recruitment for the installation work 'Pumpkin' by Japanese artist Kusama Yayoi will continue. The subscription period is scheduled from the 18th to the 22nd, with payment from the 26th to the 28th of the same month. The allocation announcement date is January 4 of next year.

A representative of Hecto Financial said, “The account-based payment solution is a safe and convenient payment method that satisfies both STO investors and issuers,” adding, “Starting with supplying Yeolmae Company's account-based payment solution, we will advance the STO subscription payment system and pioneer a new market.”