AFun to cooperate with gift voucher provider 'Happy Money'

On April 2, Happy Money Inc. ('Happy Money') and AFun Co., Ltd. ('AFun'; CEO: HONG, Young-ki) have signed an agreement to develop a private blockchain cloud system and form a partnership in blockchain-related business. The two companies agreed to cooperate in business development.

The two companies' cooperation has been hugely vitalized by the shift of consumption habits due to Covid-19, as consumers are opting for non-contact mobile gift vouchers, or in Korean, 'gift-con.'

Currently, the net worth of the domestic mobile gift voucher market is close to 50 trillion. The cooperation between gift voucher service provider Happy Money and on-chain fintech specialist AFun can be seen as the preemptive move to bring blockchain technology to the sector.

Established in 1999, Happy Money started its business by publishing gift vouchers in the clothes business. Lately, the company has expanded its business to other paper-based and mobile gift vouchers. Currently, Happy Money, with 4 million members and recording 10 million monthly website visits, has 30,000 offline and 600 online affiliates, including sectors such as restaurants, stores, bookstores, movies, and gaming. Users may use their gift vouchers like cash in these affiliates. Happy Money also sells POSA Gift Card at GS25, Ministop, and Homeplus.

AFun specializes in providing business planning to verification agencies and local governments. The company is growing by delivering an AFun-only blockchain-based service and developing blockchain-based cloud systems and user-oriented on-chain services for fintech and mobile payments service providers.