The city of Busan, South Korea, has recently entered in a partnership with the blockchain firm Hyundai pay. According to multiple reports, both entities agreed on and signed a Memorandum of Understanding or MoU.
According to a Feb. 12 press release, Busan, one of South Korea most populous city, and Hyundai Pay will work together to further blockchain technology in the city and blockchain related startups.
Hyundai Pay is known to have developed a blockchain platform, as well as a cryptocurrency wallet.
In the Memorandum of Understanding, both parties agreed on relocating the Hyundai pay headquarters to Busan and establish the necessary Fin-Tech infrastructure. Additionally, in the MoU, the shared ambition to boost the blockchain industry through “contribution to the development of local ICT [Information and communications technology] industry through mutual growth with related start-up businesses,” is expressed.
Additionally, a Busan official further conveyed this ambition, “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.”
The country of South Korea has been taking initiatives toward promoting blockchain technology for quite some time now. As of last summer, South Korea unveiled plans to create a blockchain center with the aim “on the [crypto] industry in Korea like the Crypto Valley in Switzerland” in the city of Busan.
Additionally, in December of last year, Busan had announced that $3.5 million will be used to launch a virtual power plant that runs with blockchain technology.