Sponsor

Hecto Financial Co., Ltd

4D21

Hecto Financial is an electronic finance and payment platform company based in South Korea, established in October 2001. Originally incorporated as SettleBank, the company changed its name to Hecto Financial in 2022. The company is led by CEO Jong Won Choi and was listed on the KOSDAQ market on July 12, 2019. As of May 11, 2023, the company holds a credit rating of 'A'.

Hecto Financial provides a range of services including Easy Cash Payment, Virtual Accounts, Firm Banking, and Payment Gateway (PG) services. Its client base includes major domestic and international companies like PAYCO, Naver, Coupang, Gmarket, Trip.com, and Meta (Facebook).

Key Services Offered

1. Master Account Management Solution (MAMS)

A service designed for global Payment Service Providers (PSPs) and merchants to manage funds in South Korea without needing a local entity.
It provides a local corporate bank account to collect, exchange, and pay out funds.
Benefits:
Offers daily settlements, compared to the weekly basis of competitors.

Reduces foreign exchange (FX) costs by 30-70% for collections and up to 70-90% for collections with payouts (netting).
Streamlines reconciliation through a single online portal or API.

2. Payment Gateway (PG) and Card Processing

Provides a comprehensive payment gateway that allows merchants to accept various payment methods in Korea through a single integration.

Supported methods include credit cards, real-time account transfers, virtual accounts, DCB, reward points, and gift cards.
The service supports Alternative Payment Methods (APMs) such as KakaoPay, NaverPay, Samsung Pay, and TossPay.

3. My Bank Transfer

A payment method that allows users to pay simply using their mobile phone number.
Advantages:
Does not require installing a separate application.
Offers a competitive fee structure and a short, daily settlement cycle.
Provides a 30% income tax deduction rate for users.
Allows for partial cancellations, unlike standard bank transfer payments

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Products and Services

Products and Services	Description
MAMS(Master Account Management Solution)	Master Account Management Solution (MAMS) is a service which allows global companies to collect local currencies without needing a local entity. MAMS provides a company with a local bank account to collect payments, exchange currency, and pay out funds to local sellers or partners. The key benefits are significant cost savings and improved cash flow. Clients can reduce foreign exchange (FX) fees by 60~70% when using the account for both collecting and paying out funds locally.
My Bank Transfer	My Bank Transfer is an innovative payment method that simplifies the checkout process. It allows customers to pay directly from their bank account using only their mobile phone number as their ID. This eliminates the need for customers to install a separate payment app, which helps reduce cart abandonment. For businesses, this method offers competitive fees and a fast, daily settlement cycle. Customers can also get a 30% income tax deduction when paying with My Bank Transfer in Korea.
Payment services (Local and international cards, e-wallets)	Payment Gateway (PG) acts as a single point of entry to the complex Korean payments landscape. With just one integration, merchants can accept all major payment methods preferred by Korean consumers including credit cards, bank transfers, virtual accounts, and APMs such as KakaoPay, NaverPay, and Samsung Pay. This unified approach dramatically reduces the development effort and costs associated with connecting to multiple payment providers individually.

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