South Korea Fintech company DaWinKS (CEO : Jong-Myung, Lee) signed a business agreement with Busan City Korea Federation of Micro Enterprise (KFME) to supply DIGITAL (Fiat+Crypto) ATM/DTM and QR PAY POS solutions to Busan City, a blockchain special zone.
The federation is in charge of recommending businesses for 220,000 small businesses in 16 districts in Busan, and DaWinKS will install and operate DTM and QR PAY solutions in Busan at no supply cost. This will allow locals and foreigners to experience untact foreign exchange financial service, and the collaboration is making headlines as it will boost Busan blockchain fintech industry.
The South Korean government is pushing for a digital new deal policy and introducing various financial policies to expand financial benefits for individuals in the face of prolonged coronavirus situation. As part of the plan, the Ministry of Strategy and Finance announced a plan last year to innovate foreign exchange services by promoting convergence, non-face-to-face expansion and competition, easing regulations to provide foreign currency exchange and overseas remittance services to credit card companies, securities firms and savings banks. Prior to that, only commercial banks, the first financial sector, provided face-to-face services at the counter. Also, the Ministry of Strategy and Finance authorized non-face-to-face fintech ATM operators with KYC (Know Your Customer) and AML (Anti Money Laundering) technology to exchange foreign currency and proceed with overseas remittance services. In particular, the Ministry of Strategy and Finance is trying to prepare for changes in the post COVID-19 industrial environment by providing convenience for foreigners in Korea to improve access to services by expanding 24 hours of untact services.
DaWinKS has been upgrading its ID verification technology for the past 16 years. It can authenticate both domestic ID card (resident registration card, driver's license) and passport forgery and is currently being used in about 650 places, including airports, ports, duty-free shops, casinos, and currency exchange. With a goal to proceed into the untact blockchain fintech market, the company developed AI face recognition module to provide direct exchange and remittance services for unspecified people including foreigners, and added forgery verification technology to recognize frequently used banknotes when visiting South Korea. It completed non-face-to-face innovation foreign exchange financial services that combine existing FinTech identity authentication (KYC) and blockchain security technologies, and created world’s first digital ATM/DTM that enables foreign currency exchange, overseas remittance, and digital currency charging services. In October, Acuon Savings Bank's Gangnam headquarters in Seoul and Haeundae branch in Busan installed DTM and started non-face-to-face foreign exchange financial services, as well as supplying and operating digital currency QR Pay solutions to small business stores in Busan.
Noh Eui-Seok, President of the Federation, said, "Many Busan citizens living in the blockchain special zone have actually not known what blockchain is due to the lack of demonstration projects where they can feel convenience. It might feel felt strange and difficult to them. Through this cooperation, we learned about DaWinKS' blockchain fintech technology-based DTM and QR Pay, and we expect that the provision of financial convenience services called "direct exchange" and payment services using digital money will also help our small business owners operate stores. The cooperation with DaWinKS is very meaningful that we can provide financial services that combine existing fintech technology and blockchain technology to both locals and foreigners who visited Busan."
"Busan City is the world's first blockchain special zone city promoted by the government," said Jong-myung Lee, CEO of Darwin KS. “It has great interest and expectations abroad. Unfortunately, there are still confusions and regulations in Korea. What is hopeful is that there is an active movement led by the ‘Digital Asset Exchange’, which was recently announced by the Busan City Council. Blockchain and fintech companies at home and abroad are relocating themselves in Busan, and Busan City is also proposing corresponding policies. We DaWinKS has also been working on related projects for a long time to contribute to the development of Busan's blockchain fintech, and now it became possible to launch in earnest by signing a business partnership with the Busan Micro Enterprise Federation(KFME). I would like to thank President Eui-Seok Noh and officials for believing us and signing the MOU."
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