Indonesia falls in love with Korean Blockchain SNS App, and Korean enterprises Correspond.

Cryptocurrency SNS Apps like GoodMorning and TTC are gaining popularity in Indonesia.

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From the left, CEO Lee Jihoon of Mango Soft and CEO Kim Woosik of MyCreditChain
From the left, CEO Lee Jihoon of Mango Soft and CEO Kim Woosik of MyCreditChain

The Korean social network service application developers are targeting the Indonesian market with services based on blockchain. It is because the SNS applications market in Indonesia is enormous.

Indonesia is a country with 270 million populations and an average age of 29. Different mobile applications are gaining popularity in Indonesia thanks to the fast distribution of mobile devices, especially in the younger generation. Accordingly, the Korean blockchain-based social network service enterprises are considering the Indonesian market a blue ocean. They are in a rush to expand their services in Indonesia.

GoodMorning, a messenger service based on a cryptocurrency reward system, is developed by MyCreditChain, a Korean blockchain enterprise. It launched in the Indonesian market in May 2019. In two months after its launch, the subscribers of the GoodMorning service exceeded 120,000. GoodMorning is a reward-type messenger which offers coins according to the usage. The user can receive free ‘Seeds’ through sharing the daily life or greeting others users. The Seeds will automatically convert into ‘Fruits’ according to the ratio of users. The Fruits are the tokens issued by GoodMorning, and they can be exchanged with actual money.

From the left, CEO Lee Jihoon of Mango Soft and CEO Kim Woosik of MyCreditChain
From the left, CEO Lee Jihoon of Mango Soft and CEO Kim Woosik of MyCreditChain

MyCreditChain also concluded an MOU in December 2018 with the PT. Mango Soft which is an Indonesian corporation invested by Korean investors. Mango Soft is a game publishing portal company which has approximately 25 million members. Under the MOU, users can exchange the Fruits from GoodMorning into game money of the “Indoplay,” a game service operated by Mango Soft.

The MyCreditChain official revealed that “As Indonesian investor’s interest toward GoodMorning heightened, we organized a VIP meet-up on July 4 for the local investment in Indonesia, and approximately 2,000 people participated in a survey we performed during the week to verify the local reactions”. As for the fast growth in Indonesia, the official explained that “Indonesian people are generally using WhatsApp among the messenger services. However, GoodMorning is the only messenger app that offers rewards” and that “GoodMorning is innovative because unlike in other reward application where users must watch advertisements, GoodMorning rewards users simply when users send message to each other.”

Infonesia formed the partnership with the TTC Protocol (Source of image = TTC Protocol Medium)
Infonesia formed the partnership with the TTC Protocol (Source of image = TTC Protocol Medium)

TTC Protocol,  a Korean blockchain platform specializing in SNS, has concluded the partnership with the Indonesian social education platform Infonesia on July 4 to target Indonesian market. Infonesia is a knowledge-sharing platform of Indonesia where the users can interact with one another through different Q&A activities and sharing their contents. This application also grants crypto-currency as a reward for performing Q&A activities. The CEO of Infonesia, Ihsan Fadhlur Rahman, revealed that “Indonesians started to be more interested in the blockchain technology and the blockchain ecosystem.”

Pibble, a dApp partner of Kakao’s Klaytn, also is preparing to expand to the South East Asian markets, especially Indonesia. Pibble is an image-centered SNS which allows users to share their image contents. The Pibble, hoping to become the next Instagram, is also a reward-type application. Pibble finished its alpha service and launched the iOS version of their beta service on July 29.

The Pibble officials said, “For now, Pibble can be downloaded only in Korea and in Singapore, but we have opened the service for a while to be downloaded in all countries to test the service in English. In only three days, approximately 80,000 Indonesians subscribed the service”. The official explained that, as there was a promotional event going on, it seems that there may have been a considerable number of abusing users creating multiple accounts. However, they indeed realized the potential of the Indonesian market. The Pibble official added that “There aren’t any detailed plans for the Indonesian market yet, as the service has not launched officially.” However, the official added, “When we launch the official service,  we will expand to the global market, including the South East Asia region.”

Gayeong Kim(2019. 07. 31.) 블록체인 소셜 앱에 빠진 ‘인니’ 국내사 진출 이어져
Paxnet, retrieved from https://www.paxnetnews.com/articles/50926

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