[Jeon Hwa-seong's Startup Morning Coffee #1016] Future-Changing Innovation Companies

Startup Morning Coffee Highlights Innovat's Innovative Digital VAT Refund Solution 'Startup Morning Coffee,' broadcast live daily at 8:40 AM on the YouTube channel 'Jeon Hwa-sung's CNTV,' is a popular program hosted by CEO Jeon Hwa-sung. This program not only deeply introduces the core competencies and market potential of various startups but also serves as a valuable information platform for those interested in the startup ecosystem through interactive communication with viewers via live comments. One of the companies recently highlighted on 'Startup Morning Coffee' is 'Innovat.' Innovat has developed an innovative digital refund solution to resolve the persistent VAT refund issues experienced by foreign travelers during duty-free shopping. Currently, 65% of all VAT-refundable products are not actually refunded, and an inefficient system, including long waiting times, limited discount stores, and complex processing at airports, exacerbates travelers' inconvenience. Innovat aims to innovate the duty-free shopping experience by addressing these problems. Their technological prowess has been recognized through CNTTech's '2nd Fintech Lab' support program. Innovat's core lies in its simple and efficient digital VAT refund process. The service is provided through white-labeling processes and API integration, allowing users to easily receive refunds by completing three steps: entering essential information, uploading receipts, and completing verification. This intuitive system completely departs from the complicated traditional methods. Innovat has successfully launched its service in South Korea, Germany, and Denmark, and is actively pursuing expansion into global markets such as Singapore, Japan, Italy, and Spain. CEO Jeon Hwa-sung highly praised Innovat's strong market competitiveness and performance, commenting as follows: "Innovat has secured numerous financial institution clients, including SC Bank and Woori Bank, and has successfully processed over $5 million in customer claims. This proves it is a clear 'win-win' solution, offering convenience to travelers and efficiency to partners." Thus, Innovat is rapidly growing by setting new standards in the duty-free shopping market through technological innovation.