KT Strengthens Cooperation with NH Nonghyup Card to Promote Local Currency 활성화

[Asia Economy Reporter Koo Chae-eun] KT announced on the 26th that it has signed a Memorandum of Understanding (MOU) with NH Nonghyup Card to revitalize local currency projects of local governments.

Through this MOU, KT and NH Nonghyup Card will expand card companies linked to local currencies and strengthen cooperation to revitalize local currency projects based on NH Nonghyup Bank's infrastructure for IT-vulnerable groups. The two companies plan to develop Nonghyup cards for local currency use and expand from Sejong City's 'Yeominjeon' to other local governments.

KT plans to introduce services reflecting its experience managing local currencies in Busan, Gimpo, Sejong, Ulsan, and Iksan, together with NH Nonghyup Card. In particular, through the MOU, KT can enhance convenience for local currency services by providing physical card services and expanding card company linkage.

NH Nonghyup Card is expected to contribute to expanding convenience for receiving allowances and recharging local currency cards by utilizing the largest number of bank branches in Korea owned by NH Nonghyup Bank. Especially through this MOU, it is expected that not only existing NH Nonghyup Card users but also vulnerable groups who have difficulty using IT devices such as smartphones will be able to use local currencies more actively.

Kim Jun-geun, Head of KT Incubation Division (Executive Vice President), said, “We will review and implement various measures so that IT-vulnerable groups can conveniently use local currency services,” and added, “We will support local governments in realizing a virtuous cycle ecosystem for local currencies and continuously develop additional services to overcome difficulties in the local economy.”