July 05, 2022 Establishing a joint venture with local LCS group Applying medical, administrative, and commercial application with Yap Beacon Improving system infrastructure in shopping malls and the government Yap joins with the Philippines LCS Group to enter the local market. The hybrid beacon-based Internet of Things (IoT) service will be applied to medical, administrative, and commercial fields in the Philippines. Yap established a joint venture (JV) 'Casha KPD Yap' with LCS Group. The joint venture was funded by three companies: Yap Global, and LCS’ subsidiaries Casha and KPD. The joint venture will be using a hybrid beacon (Yap Beacon) developed with Yap's self-developed technology to establish a joint business. The goal of the joint venture is to improve systems such as franchises, large shopping malls, and local governments with IoT services and expand infrastructure. Yap Beacon utilizes high-frequency technology to determine the location without using Bluetooth. Yap is operating non-face-to-face order payment, 'Yap Order', commuting management, 'Yap Work', 'Yap Docent', 'Target Marketing' and 'Crosswalk Smombie (Smartphone zombie) Prevention' in South Korea using the new technology. In the Philippines, it plans to provide an indoor location information service incorporating Yap Beacon technology in franchises and independent stores facilities located in major cities. It is also discussing on providing a 'brand-targeted advertising platform' to customers in large department stores and distribution stores. Yap technology will also be used in local government apps. LCS Chairman Luis Chavit Singson represents the governor of the Philippines, as the 'Chairman of National Assembly’. Chairman Singson decided to improve and discover medical and administrative services by applying Yap's location convergence technology and services, big data, and digital infection tracking system in a mobile ID card and payment service app led by Chairman Singson, the 'Super App’. The joint technical venture was accomplished through the LCS proposal. LCS Group is a large conglomerate with 10 affiliates. Other than its main business in real estate development, LCS Group is engaged in mining, transportation, defense, telecommunication tower construction, and online platform development. LCS highly assessed Yap's service scalability. LCS anticipated that Yap technology could be applied to the LCS business field and the cities of the Philippines. Yap technology will solve long queues and congestion caused by high-dense population in major cities in the Philippines, and will further build a smart city. Yap paid attention to the marketability of the Philippines, with the population of 110 million people. Despite having a low bank account holding rate, a half of the population uses an electronic wallet. The digital transformation has accelerated using online delivery applications mainly among the younger generation. Yap is also targeting the Southeast Asian market following the business entry in the Philippines. It plans to expand the stage to neighboring countries such as Vietnam and Cambodia with accomplishing achievements in the Philippines as a stepping stone. Kyung-hoon Ahn, founder and CEO of Yap, said, “A long queue has become a daily phenomenon in dining and transportation due to the high population density in the Philippines. Yap Beacon based service will allow long queues and orders easier, and will significantly reduce city congestion.” CEO Ahn added and said, “In cooperation with LCS Group, IoT-based services will be expanded to various fields such as administration and medical care. We plan to launch the Yap Insider strategy in Southeast Asia beginning with the Philippines as the starting point.” by Ho Choi (snoop@etnews.com)<See the original text>
