Busan Signs MoU with HYUNDAI PAY to Revitalize Fintech Industry
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The City of Busan signed a Memorandum of Understanding (MoU) with HYUNDAI PAY (CEO, Yoon Bu-young) to stimulate the blockchain and Fintech industries through joint investment on February 12, 2019.
HYUNDAI PAY, established by the CEO of Hyundai BS&C, Dae-Sun Chung in December 2016, is a blockchain technology-based company specializing in Fintech which developed the Hdac blockchain based platform and KASSE cryptocurrency hardware wallet, together with Hdac Technology, which holds leading blockchain core technologies.
The main contents of the MoU include:
▶ Hyundai Pay is to build infrastructure that will revitalize the blockchain and Fintech industries and create jobs across Busan through the relocation of the HYUNDAI PAY headquarters to Busan by 2021
▶ The City of Busan plans to make all possible efforts towards administrative and financial support in order to foster the Fintech industry, pushing forward with public-private cooperative businesses and securing public demand.
A city official said, “Fintech is a core industry for creating a smart city and financial center, the focal projects of the City of Busan. By attracting HYUNDAI PAY to Busan, we are planning to facilitate the development of a blockchain-based platform and service, and develop Busan into a Mecca for blockchain and Fintech through close integration with financial institutions in the future.”
For more information, please contact Investment & Trade Division at (051)888-4451.
Hyundai Pay Website: http://hyundai-pay.com/
* Financial technology, often shortened to FinTech or fintech, is a new innovative technology that aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance.
