Deloitte in Japan signs deal with QR code payment developer Cellum

04 October 2018

Deloitte in Japan has signed a deal with Hungarian mobile transactions provider Cellum to offer clients QR code-based mobile payments in the country.

Cellum, which was established in Hungary in 2000 and has since grown to include subsidiaries in Europe, North America and Asia – with a 30 percent global stake owned by Telkom Indonesia and its APAC headquarters in Singapore – is a leading international market provider of mobile transaction solutions. Counting MasterCard and IBM among its many partners, Cellum’s systems currently facilitate over 20 million secure transactions per year.

With existing activities across Asia, including a previous pilot programme with SingTel in Singapore and partnership agreements in Indonesia and Myanmar, Cellum will now enter Japan – according to the firm one of the world’s most developed mobile transactions markets, with a population of 127 million and high levels smartphone penetration – after signing an agreement with the Japanese arm of Deloitte to introduce its QR code payment technology to local clients.

According to market research conducted by Deloitte in Japan, which has now been integrated into a single operational entity with fellow Deloitte Asia Pacific arms in China, Southeast Asia, Australia and New Zealand, the firm has identified a high demand for QR code payment systems in the country, with the majority of previous local consumers positive about the technology and large numbers of those who have yet to use the technology open to doing so.Deloitte signs deal with mobile transaction provider Cellum for QR Code solution in JapanQR, or Quick Response codes are a form of matrix barcode first developed for the automotive industry of Japan to help track vehicle parts during manufacturing. With the rise of smartphones and personal mobile scanning, the technology has since spread to other areas of industry, including as commonly used in advertising, for tickets and receipts, and as a contactless and card-free payment system. According to Cellum, its own technology is also easily customisable.

“Japan is a very exciting market with a unique culture that we need to treat with respect. Instead of forcing a ‘one size fits allʼ approach, we need to tailor our solutions to their local needs. We are fortunate to have a highly flexible technology that allows us to easily do just that,” Cellum CEO and former Hungarian Minister of Economy and Transport János Kóka said. “We have high hopes for Japan and we see a tremendous opportunity in the deep expertise that Deloitte Touche Tohmatsu LLC brings to this partnership.”

Deloitte Touche Tohmatsu partner Kunihiro Hattori – one of approximately 6,500 professionals employed by the firm across 40 cities in Japan – responded in kind; “Cellum has been providing its infrastructure for QR code payments for years and Japanese players are able to gain benefits from the platform to start QR payment services immediately. Deloitte is happy to advise Japanese clients to enter the QR code payment business including marketing strategy and big data monetisation.”

The Deloitte partner adds; “Japan is aiming at a cashless payment rate of 80 percent from the current 20 percent. We still have a lot to learn from outside of the country to achieve the goal.” Recently, Japanese business and engineering/IT students were among the almost 230,000 surveyed from the world’s largest economies who considered Deloitte one of the top five most attractive employers globally – with the firm now employing in excess of 286,000 people worldwide.

Leading South Korean law firm Yulchon joins Taxand global network

19 April 2019

Global tax specialists Taxand has admitted a new member firm in South Korea; Yulchon, pushing the network’s representation to 48 countries worldwide.

Born in 2005 in the wake of the Enron scandal as an alternative, independent tax-focused enterprise, Taxand has since grown to include member-firms on every continent, with a collective headcount of over 2,000 advisors worldwide. Adding to that list; Yulchon, a leading South Korean business law firm with more than 400 lawyers and 80 tax advisors of its own.

“Joining Taxand allows us to provide clients with the highest quality, cross border tax advice,” said Yulchon tax partner Kyu-Dong Kim. “Taxand’s international network provides a positive differentiation from other East Asian tax and legal firms. Its reputation for independent, specialist expertise fits well with Yulchon’s culture and we look forward to strengthening both our local and international tax services.”

A 2017 Chambers and Partners’ National Law Firm of the Year winner consistently recognised for its innovation, Yulchon was founded in Seoul in 1997 by five of South Korea’s leading attorneys to create “a village of lawyers”, with two decades of organic growth seeing the firm add international offices in Shanghai, Hanoi, Ho Chi Minh City, Moscow, Jakarta and Yangon.Leading South Korean law firm Yulchon joins Taxand global networkAccordingly, with the admission of Yulchon to its network, Taxand has now significantly expanded its Asia presence – its coverage in ten key Asia Pacific economies (including Japan, Singapore, Malaysia, Australia and India) among the organisation’s representation in over 50 countries stretching to every corner of the globe, from Oslo to Melbourne and from Buenos Aires to Mauritius with the US and just about every European nation in between.

“Yulchon is a welcome new addition to the Taxand family, bolstering our strength in East Asia,” said Taxand Chairman Frederic Donnedieu de Vabres, a former Arthur Andersen consultant. “The firm will give our clients a broader scope of specialised tax expertise across the region. Our network has grown significantly in recent years and we look forward to working with our new colleagues and their clients.”

Be it in the areas of compensation, financial, energy, mergers & acquisition, real estate, disputes, or others, Taxand describes itself as entirely focussed on the tax aspects – “we do tax, and only tax. No audit or attest issues” – leveraging its global network to serve clients with their both local and international and cross-border tax advisory needs. In the US and UK the network is represented by Alvarez & Marsal affiliate A&M Taxand.