Line Man Wongnai CFO Chung In-young (LMWN)

Line Man Wongnai, Thailand's leading food delivery app and digital solutions platform, is expected to open a research and development center in Korea in December in a move to tap into the nation’s deep pool of tech talent ahead of its planned stock debut next year.

In an exclusive interview with The Korea Herald on Friday, the company’s Chief Financial Officer Chung In-young revealed that the company is actively recruiting Korean talent particularly in three sectors -- fintech, user experience and product management. The R&D center, located in Pangyo, Gyeonggi Province, aims to start with dozens of experienced professionals in the initial stage.

"We see great potential in leveraging Korean tech talent to drive our growth a step further at this point," Chung said. "The Korean market has advanced drastically in sectors like food delivery and digital payments. We believe this expertise can accelerate our development in the emerging Southeast Asian market."

Line Man Wongnai was established in 2020 through a merger of Line’s food delivery service Line Man and local restaurant review platform Wongnai. The company outpaced its regional rival Grab in the first half of this year, becoming the No. 1 food delivery platform in Thailand.

The company is also the operator of the Southeast country’s largest point-of-sale system for restaurants and is aggressively expanding its digital payment service, Line Pay.

The CFO highlighted the company's unique position in combining food delivery, POS systems and digital payments under one roof -- a model he claims is unmatched globally. This integration allows for significant synergies, particularly in scaling the payments business.

As Line Man Wongnai prepares for an initial public offering, it is banking on continued strong growth across its three core businesses, while it sees substantial room for expansion in Thailand's still-maturing digital economy.

The move to establish an R&D presence in Korea also reflects a broader trend of Southeast Asian tech companies tapping into Northeast Asian talent pools. With the Korean tech scene facing a slowdown and job market challenges in recent years, Line Man Wongnai hopes to attract experienced professionals looking for new opportunities in the region's fast-growing markets.

According to Chung, several senior-level employees have already been hired, including a tech veteran from a well-known Korean startup.

"One of the most unique aspects of Korea is the rapid maturation of similar businesses. Within this context, there are many young developers, business developers and designers with relevant experience. Here (in Thailand), local elements like the language and market environment are best understood by locals creating businesses. But, when it comes to development and product creation, the technology is similar worldwide. For this reason, I see the Korea office as an excellent opportunity in terms of such arbitrage."

Line Man Wongnai's promotional image (LMWN)

As Line Man Wongnai expands its technological capabilities and prepares for public markets, it will face intensifying competition from Southeast Asian giants like Grab and Sea Limited's Shopee, a local e-commerce business. However, the company remains confident in its integrated model and local market expertise.

Valued at over $1 billion, the firm has raised over $372 million from investors such as Singapore’s sovereign wealth fund GIC, as well as BRV Asia and Z Holdings. It aims to raise up to 10 billion baht ($296 million) in the IPO.

While the primary objective is a listing in Thailand, the company is also exploring the option of a dual listing in the US, though this isn’t currently part of the formal plan. If successful, Line Man Wongnai would be the first Thai digital tech platform company to debut on the local stock exchange.

[단독] '태국 배민' 라인맨 웡나이, 연내 한국 R&D센터 설립

내년 증시 상장을 앞두고 있는 ‘태국 1위’ 배달 앱 라인맨 웡나이(Line Man Wongnai)가 올해 중으로 판교에 R&D센터를 개소해 적극적으로 인재 유치에 나선다는 계획이다.

정인영 최고재무책임자(CFO)는 25일 코리아헤럴드와의 인터뷰에서 “한국의 기술 인재를 활용해 우리의 성장 속도를 한단계 더 높일 수 있을 것으로 기대한다”며 “한국 시장은 음식 배달과 디지털 결제 분야에서 급속히 발전해왔기 때문에, 이 분야의 경험이 동남아 신흥 시장에서의 성장에 큰 도움이 될 것”이라고 말했다.

라인맨 웡나이는 2020년 라인의 태국 배달 서비스 라인맨과 현지 식당 리뷰 플랫폼 웡나이의 합병으로 설립됐다. 이후 가파른 성장세를 이어가고 있으며 올해 상반기에는 주요 경쟁사인 그램(Grab)을 제치고 태국 배달 시장에서 점유율 1위를 차지했다.

특히 태국 최대 레스토랑 판매 관리(POS) 시스템과 디지털 결제 서비스인 라인페이(Line Pay)를 결합한 통합플랫폼을 선보이고 있는데 정 CFO는 “글로벌 시장에서도 유일한 사례”라며 시너지를 강조했다.

한국 R&C 센터 설립은 동남아 테크기업들이 성장을 위해 한국 등 동북아 인재 풀을 활용하는 최근 트렌드를 반영한 것으로 읽힌다.

“태국에서는 언어와 시장 환경에 대한 이해도가 필수적이라 이러한 부분들은 현지인들이 담당해주지만, 결국 개발과 실제 제품 제작에는 전 세계적으로 유사한 기술이 사용된다. 이러한 관점에서 한국 사무소는 기술적 측면에서 유능한 개발자들이 함께 회사의 성장 속도를 절감할 수 있는 큰 기회가 될 것”이라고 설명했다.

현재 라인맨 웡나이의 기업 가치는 10억 달러에 달하며, 싱가포르 국부펀드 GIC, BRV 아시아, Z 홀딩스 등 투자자들로부터 총 3억 7,200만 달러 이상의 자금을 조달한 바 있다. 업계는 이번 IPO를 통해 최대 100억 바트(약 2억 9,600만 달러)를 추가로 조달할 것으로 예상하고 있다.

태국 상장이 성공할 경우, 라인맨 웡나이는 디지털 플랫폼 기업 중 최초로 자국 증시에 데뷔하게 된다.