'Sinsang Market' joins Terra Alliance
Sinsang Market, a business-to-business platform that connects retailers and Dongdaemun fashion wholesale market in central Seoul, is joining the Terra Alliance. The alliance and the platform believe the agreement will help retailers reduce costs while easing transactions. What is the partnership about? Through the partnership, Sinsang Market is going to use an easy payment service named “CHAI” as an all-around tool for orders, payments, purchases and deliveries. The service offers lower transaction fees for retailers buying products from Singsang Market to reduce their financial burden. Through the partnership, Singsang Market and Terra are looking to make accounting easier for retailers struggling to handle their cash flow. Through the online order and transaction system, fashion retailers can easily buy products from the wholesale market, as the partnership aims to move the whole Dongdaemun market into the online sphere. The low transaction fees and discount benefits offered by Terra will help attract users. “We expect wholesale and retail operators to see huge benefits from easy payment service CHAI,” said Terra Founder Shin Hyun-sung. “The innovative growth of advanced technologies like blockchain interacting with real life is gaining attention. The government also says that for a fair economy, income-led growth should coexist with innovative growth. In line with innovative growth, Terra’s blockchain technology will create a positive effect of small and medium-sized merchants growing together.” “I started Sinsang Market to create a network that connects Dongdaemun fashion wholesalers with retailers to achieve win-win growth,” said Kim Joon-ho, CEO of Sinsang Market. “We are moving in the same direction with Terra in supporting small and medium-sized enterprises.” The two companies Since 2013, Dealicious has been operating Sinsang Market, which connects online and offline retailers with Dongdaemun wholesalers that want their products to be publicized. Sinsang Market has 18,000 wholesale markets, more than 28 million registered products, 1 million product registrations per month, 80 million monthly views and an accumulated transaction volume of 700 billion won. Terra is expanding the use of its blockchain-equipped easy payment service CHAI by setting up the Terra Alliance. CHAI is currently connected with TMon and Idus, and will be established as an e-commerce platform with services that consumers like to use, such as Baedal Minjok, Yanolja and Musinsa.