DEEP RESEARCH · ITCEN GLOBAL

ITCEN Global: The Re-rating Case Around RWA and Digital Finance Infrastructure

A research view that connects gold distribution, public/financial IT, and BDAN into one digital finance infrastructure holding company

Date: 2025-12-28 · Business transition and valuation view · Naver Blog source

0. Bottom line first

1. Redefining the company

Official fact: ITCEN Global started in public informatization, hardware resale, and maintenance, then expanded into software, cloud, and precious-metal distribution. The recent name change is framed as a move toward global Web3 markets.

Interpretation: I read the company less as a conventional IT-service vendor and more as a holding-style platform combining real-world assets with digital infrastructure.

2. Group structure

The IT-service group covers network integration, public/defense/sports SI, biometric authentication, and security. The Web3 and precious-metal group centers on Korea Gold Exchange, Korea Gold Exchange Digital Asset, CREDER, and BPMG. Vision Ventures adds future options through AI semiconductor investments such as FuriosaAI.

Interpretation: Stability and growth are separated but complementary: gold cash flow funds Web3 investment, while IT affiliates provide the operating technology for exchange, wallet, and security layers.

3. RWA and BDAN

Official fact: BDAN announced the Bidan brand in October 2024 and is described as expanding services from 2025. Unlike conventional crypto exchanges, it aims at digital products backed by real-world assets such as gold, silver, commodities, and cultural content.

Interpretation: The differentiator is that ITCEN already controls potential underlying assets for tokenization through the group.

4. Gold cycle and operating leverage

Gold price increases affect ITCEN through unit-price revenue expansion, inventory gains, and higher investment demand. The source attributes the 293% year-on-year jump in cumulative operating profit partly to this inventory effect.

Official fact: The source says Goldman Sachs presented a scenario in which gold could rise toward USD 4,900 per ounce by 2026.

5. IT services and financials

Behind gold and RWA, the IT-service business is moving toward cloud-native, MSP, SaaS, and AI infrastructure. The source gives IT services at about 16.35% of 2025 3Q revenue, while noting potential benefit from public-cloud migration and digital-platform-government policy.

6. Risks and checkpoints

• STO legislation delays could slow RWA expansion.
• A sharp gold-price decline could hurt inventory value and trading volume.
• Convertible bonds and other mezzanine instruments may create overhang.
• A 32x PER is demanding for a simple SI peer set, so Web3/RWA premium must become operating evidence.