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The South Korean city of Busan has signed a memorandum of understanding with the company of Hyundai Pay TV channels, according to a press release issued Feb. 12.
According to the announcement, the second most populous city in South Korea after Seoul and Hyundai Pay, a company that has developed a blockchain platform and a cryptocurrency wallet, will cooperate to promote the growth of startups and jobs in Busan.
The memorandum of understanding plans to transfer Hyundai Pay's headquarters to Busan and create the necessary fintech infrastructure.
The MoU also aims to revitalize the blockchain industry by "contributing to the development of local information and communications technologies". [Information and communications technology] sector through mutual growth with badociated start-ups, "says the press release. An official from Busan City stressed:
"We plan to accelerate platform and services based on block chains and to make Busan the Mecca of the chain of chains and financial technology through close integration with financial institutions in the future. "
Back last summer, South Korea revealed its intention to create a blockchain center focused on "the [crypto] Korean industry, like the Crypto Valley in Switzerland ", specifically in the city of Busan, as Cointelegraph reported on 15 June.
Later in December, the Busan city administration announced that the government would spend about $ 3.5 million to launch a blockchain virtual power plant in the region, Cointelegraph wrote on December 10. .
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