South Korea’s Second Most Populous City Signs MoU With Blockchain Firm to Promote Fintech

In a new announcement the South Korean city of Busan has signed a memorandum of understanding (MoU) with Hyundai Pay, a blockchain company. Busan is South Korea’s second most populous city after Seoul. Under the agreement, Hyundai Pay and Busan will cooperate to promote the growth of jobs and startups in Busan.

In addition, the MoU points to plans to relocate Hyundai Pay’s headquarters to Busan and create the necessary fintech infrastructure. Hyundai Pay will encourage a new type of business since it can be applied to a variety of industries including financial services, logistics, manufacturing management, AI (artificial intelligence) and IoT (Internet of Things).

Hyundai Pay’s website specifies the following:

• The blockchain technology of HyundaiPay can generate a new type of business since it can be applied to a variety of industries including financial services, logistics, manufacturing management, AI and IoT.
• HyundaiPay applies Blockchain technology to IoT in order to offer a safe trust-based network that enables IoT security service.
• HyundaiPay provides convenient and secure service by supporting ATM, hardware wallet and hardware security module for virtual currency deposit and withdrawal.

The MoU also aims to revitalize the blockchain industry through what it says will

“contribute to the development of local ICT [Information and communications technology] industry through mutual growth with related start-up businesses,” states the press release.

An official of Busan City mentioned:

“We are planning to expedite blockchain-based platforms and services and develop Busan into a Mecca for blockchain and Fintech through intimate integration with financial institutions in the future.”

In December, Busan City’s administration in an announcement, stated that the government will spend $3.5 million to lauch a virtual power plant backed by blockchain technology in the region. This is an exciting development for South Korean and could rival Crypto Valley in Switzerland, firmly planting a flag for this region as a blockchain standout.