In fluent Indonesian, Kim Chang-soo said a staff member of BC Card told him that “BC Card needs local investors to work together on its new operational projects in Indonesia.”
Then he said, “We will make an investment in your country with a big trust in you,” and rousing applause went up after a local buyer finally made a final decision.
The BC Card Global Expo, which took place for the second time this year, is a program to train the staff of the credit card firm, helping them set up a plan to develop products. A number of teams participated in “imaginary” drills to practice the exercise. The “imaginary expo,” as its called, is a training program for the company’s new staff to attracting investments to the company’s overseas projects.
President Suh’s “imaginary” training program for new employees has been the center of attention in the credit card industry in Korea. The CEO took over the top position at BC Card in 2014, after resigning from Samsung Group’s strategy planning unit. Suh has been working on some of the brilliantly-conceived training programs to great success since his arrival at the card firm, especially for those assigned to overseas posts, where his programs had some outstanding results.
He also introduced other programs for personnel training, including the 3rd-stage job certification system, and the leadership education and the training for experts, among others.
He claimed that investing in leadership training is done for the sake of the company’s future a century from now.
BC Card’s standard tactics to break into overseas markets have finally succeeded. BC Card did not deviate from its core business model; it successfully exported its core business payment processing technology.
BC Card’s target market, Indonesia, is a country with the fourth largest population (250 million) in the world, a bustling young population, an average age of 29, and high potential as a growing credit card market.
With this new business, BC Card has not only come up with a new source of profit to break through the ever-stagnant local market but also opened a new door to the global market for all financial companies in Korea.
BC Card (President and CEO, Suh Joon-hee) signed an agreement to set up a Joint Venture (JV) with Bank Mandiri on Sept. 23 in Jakarta, Indonesia. The signing ceremony was attended by CEO of BC Card, Suh Joon-hee and President of Bank Mandiri, Budi G. Sadikin.
BC Card is planning to finish setting up the joint venture by December and begin its credit card processing business through the newly built entity, which includes developing systems, expanding merchant acquiring, providing terminals, developing marketing platform and more.
Bank Mandiri will use BC Card’s system and solutions to build efficient processes and create new services, which will ultimately become assets in recruiting new merchants, local card businesses and expanding the payment business.
BC Card’s relationship with Bank Mandiri began in 2011, when BC Card won Bank Mandiri’s consulting project on card acquiring. After the consulting project, BC Card has competed with 10 global processing companies for over a course of one year to finally be selected as the priority negotiation partner in Bank Mandiri’s acquiring processing project bidding. This would not have been possible were it not for BC Card’s 30-year business knowhow in Korea and ICT capacity of KT, Korea’s key telecommunications service provider and also BC Card’s holding company.
The Indonesian card market is full of opportunities and potential. According to Bank of Indonesia and Euromonitor, compound annual growth rate (CAGR) of Indonesian debit and credit card has reached and will amount to 21 percent and 17 percent from 2014 to 2020.
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