DaWinKS Co., Ltd. (CEO Jongmyung Lee), a company specializing in blockchain fintech, announced that it will start a digital ATM/DTM service in partnership with a financial institution for the first time in Korea.
On the 20th, Acuon Savings Bank (CEO Hogeun Lee), located at the Busan Financial Center in Seomyeon, installed Digital autoTeller Machine (DTM) and launched an untact currency exchange service for the first time in the financial industry.
The untact currency exchange service is available for Acuon Savings Bank customers and foreigners and Koreans who do not have an account with the bank. It allows exchange up to $2,000 a day per person and handles international currencies such as the U.S. dollar, Japanese yen, European euro, and Chinese yuan, and a total of 16 currencies of countries, including the Philippines peso, Vietnam dong, and Russian rubles.
Customers who want to use the service must bring their ID cards such as resident registration cards, driver's licenses, and passports to prove their identity and proceed with the untact Identification (KYC).
DTM issues a digital wallet after reading the identity, email authentication, and AI facial recognition of the customer who wants to exchange money, and customers use the service by depositing the foreign currency they want to exchange directly. So far, foreigners visiting Korea first have to exchange their currency for dollars (U$) or euros in the home countries, and then exchange dollars (U$) or euros into Korean money after arriving in Korea, which incurred currency exchange fees twice. However, if they use DTM now, they will be provided with a direct exchange service that allows them to deposit local currencies (banknotes) from 16 countries that frequently visit Korea, such as the Philippines, Vietnam, and Russia, and exchange them. In addition, the amount (small change) that is less than the minimum bill value (KRW 1,000) generated during the exchange process is charged and deposited in an individual electronic account (Wallet), which could be used for small payment services such as coffee prices through the QR Pay system provided free of charge by DaWinKS at stores in Busan.
For the start of this service, DaWinKS signed an MOU with Acuon Savings Bank and DEPEC Korea (CEO Yujin Son) in March. It is the first case of collaboration between a blockchain fintech consortium group and a financial institution in Korea, which already collected great interest from abroad.
Acuon Savings Bank plans to introduce the untact currency exchange service in Busan, the "blockchain regulatory free zone," for the first time, and gradually expand it to branches based in Seoul from next year. In the future, it plans to develop services on mobile devices.
Hogeun Lee, CEO of Acuon Savings Bank, said, “The launch of untact currency exchange service is part of Acuon Savings Bank’s efforts to provide more convenient and differentiated services to customers. We plan to continue to collaborate with fintech companies, foreign exchange and financial service providers, and small store owners to create new markets and secure competitiveness in the untact financial market in the future.”
Lee Jongmyung, CEO of DaWinKS, said, "We have installed DTM that provides direct currency exchange and overseas remittance services based on industry-leading KYC (Know Your Customer) certification, anti-money laundering (AML) solutions, and advanced multinational foreign exchange note recognition technology. "I appreciate Acuon Savings Bank for the first case of collaboration with financial institutions and has given consideration to start the convergence service of fintech and blockchain technology in Busan, a special blockchain zone, not Gangnam, Seoul."
Yujin Son, CEO of DpecKorea Co., Ltd., a local company in Busan, said, "We formed a consortium with DaWinKS last March and have been focusing on technology advancement after signing an MOU with Acuon Savings Bank. Now we are happy to provide untact direct currency exchange service to Koreans and international tourists visiting Busan. Next year, we plan to continue to cooperate with Acuon Financial Group to expand to mobile services and proceed with online and offline overseas remittance services.”
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