Danal, a company specializing in integrated payment business, announced on November 14 that its cumulative sales for the third quarter of this year reached 169.5 billion won, with an operating profit of 5.4 billion won. On a separate basis, sales amounted to 148.1 billion won, and operating profit was 14.2 billion won.
Operating profit, on a separate basis, increased by approximately 18.7% year-on-year due to a shift toward more profitable services, while consolidated operating profit was somewhat dampened by investments in overseas subsidiaries and research and development costs for stablecoins. Sales were temporarily affected by security issues at telecommunications and card companies during the same period, but as most of these risks have now been resolved, the company expects to enter a period of long-term stability.
In the fourth quarter, the company plans to expand its business scope by launching the prepaid card for foreigners, K.ONDA. K.ONDA is a payment service optimized for Korea's cashless environment, offering easy card issuance through kiosks, quick KRW recharge, nationwide on- and offline card payments, transportation card functionality, and ATM withdrawals at convenience stores. High demand is expected from foreign tourists. For foreign students and workers, the company will provide online issuance and increased recharge limits, positioning K.ONDA as a convenient payment method that will satisfy all foreign visitors to Korea.
The stablecoin service is being developed with the goal of launching within this year as a SaaS (Stablecoin-as-a-Service) platform. This platform covers the entire stablecoin process, including issuance, distribution, payment, and settlement, and differentiates itself with features such as KRW support, customized issuance for enterprises, and direct merchant receipt. Danal is currently conducting proof-of-concept (PoC) testing with Danal Fintech and major domestic financial institutions, and has completed all necessary preparations in advance of legislation, including finalizing payment collaboration models with domestic and international license holders.
Its subsidiary, PayProtocol, has built an infrastructure that enables easy payments using Bitcoin (BTC), Ethereum (ETH), and Paycoin (PCI) in everyday life, and has expanded Paycoin (PCI)-based global payment experiences through integration with the global Mastercard network. In the first half of next year, the company plans to provide an even faster and more convenient payment environment by naturally connecting the PCI-based P2F (Pay-to-Fun) ecosystem and stablecoin payments through PayChain, its next-generation blockchain technology.
A Danal representative stated, "As most of the accounting valuation losses resulting from this year's increase in corporate value and the overhang related to the issuance of convertible bonds (CB) have been resolved, we expect a significant improvement in performance next year driven by growth in the payment business and the profit-focused results of our subsidiaries. In addition, we will solidify our position as a market-leading company by fully launching our innovative stablecoin service."
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