Oh boy! Bango builds growth springboard in South Korea
Cambridge mobile payments company Bango has set out its stall for major growth in South Korea as its technology continues to gain traction in Asia.
CEO Ray Anderson believes the South Korean market is similar to that of Japan where Bango has engineered significant opportunities through an alliance with Amazon.
Through the expansion in South Korea, Bango will increase payment opportunities for digital, physical and Internet of Things services across the region, Anderson says.
The experienced Alex Oh has been appointed Bango country manager for South Korea to spearhead the initiative. He is said to have extensive experience working with major Japanese, Korean and US technology businesses.
His 25-year career includes technical leadership at Samsung, Dilithium Networks and Comverse, most recently in the field of media streaming devices.
Early in 2016, Bango expanded its presence in Japan to support the activities of partners using Bango technology in strengthening their offering in the Japanese market.
In June of this year, Bango successfully deployed a new payment method for Amazon in Japan, enabling the full range of retail goods to be purchased using carrier billing.
Korea shares many characteristics with Japan. Bango has identified similar opportunities for Direct Carrier Billing (DCB) for both digital and physical goods, as well as smart home and other consumer devices.
Bango expects that expansion into Korea will be a significant growth opportunity for partners who use the Bango Platform to collect payment for physical goods and IoT services, alongside digital content.
In the IoT business, Bango has seen encouraging results from trials in North America using the Bango Platform to monetise smart home devices, and Korea is a key market for IoT innovation. The partnership with Danal established in 2016 has already identified several merchant opportunities and is developing well.
Alex Oh said: “The Bango platform is truly differentiated by being capable of powering physical goods sales and capabilities that enable internet connected devices to be monetised.
“I look forward to expanding the established Bango relationships with Danal and Samsung, along with introducing the Korean mobile operators to the benefits of the Bango platform, in particular the unique technology that increases content sales.”
Anderson added: “Following this year's successful launch of carrier billing for Amazon in Japan, I am excited to establish a Bango presence in South Korea led by a hugely experienced country manager.
“The Bango strategy, to power the leaders in physical and digital retail, and in exciting new areas such as smart home, has seen a continued increase in End User Spend and Bango is EBITDA positive on a run-rate basis entering November 2017.”
• PHOTOGRAPH SHOWS: Bango CEO, Ray Anderson