South Korean city of Busan has signed a MoU with Blockchain company Hyundai Pay

The South Korean city of Busan has signed a Memorandum of Understanding (MoU) with blockchain company Hyundai Pay, according to a press release published on Feb. 12.

According to the announcement, South Korea’s second most populous city after Seoul and Hyundai Pay, a company that developed a blockchain platform and a cryptocurrency wallet, will cooperate in order to promote the growth of startups and jobs in Busan.

The MoU specifies plans to relocate the Hyundai Pay headquarters to Busan and to create needed fintech infrastructure.

The MoU also aims to revitalize the blockchain industry through “contribution to the development of local ICT [Information and communications technology] industry through mutual growth with related start-up businesses,” states the press release. An official of Busan City underlined:

“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.”

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