Gwangju Bank 'Mokpo Sarang Card' Launch Event Winner Prize Presentation

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Bank (President Song Jong-wook) announced on the 30th that it held a prize-giving ceremony for the winners of the ‘Mokpo Sarang Card’ launch event at Mokpo City Hall on the 29th.

To promote and activate the use of Mokpo City’s local currency, the ‘Mokpo Sarang Card,’ the event was held from July 1 to September 30. Among approximately 3,800 card issuance customers, Gwangju Bank drew 413 winners: 1 first prize winner received a ‘Mokpo Sarang Card’ loaded with 1 million KRW, 2 second prize winners received 500,000 KRW each on the card, 10 third prize winners received 100,000 KRW each on the card, and 400 fourth prize winners received GS25 convenience store gifticons worth 5,000 KRW.

Since Mokpo City launched the ‘Mokpo Sarang Card’ last July to prevent the outflow of local funds and revitalize neighborhood commercial districts, Gwangju Bank signed a business agreement and has been responsible for issuing the cards at seven branches in the Mokpo area and two branches in the Muan area.

Gwangju Bank has focused on facilitating card issuance and operation, conducting promotional activities, and holding prize-giving events to boost the use of local currency. As a result, a total of 2.4 billion KRW was used over three months from the launch on July 1 until last month.

The ‘Mokpo Sarang Card’ can be used as a check card linked to the user’s Gwangju Bank account without the need for separate cash purchase or recharge. It offers a 10% cashback up to 500,000 KRW per month (until the budget is exhausted at the end of December), as well as ▲0.2% cashback when used at traditional market affiliated stores ▲5% cashback on usage amounts at supermarkets, convenience stores, beauty salons, movie theaters, coffee shops, transportation, and other sectors ▲and 50 KRW per liter cashback on fuel purchases. These benefits are expected to increase card usage among Mokpo’s small business owners and local residents.

Song Jong-wook, President of Gwangju Bank, said, “We will continue to do our best as Jeonnam and Gwangju’s representative bank to issue, operate, and promote the ‘Mokpo Sarang Card’ so that funds circulate within Mokpo City, contributing to the growth of the local economy’s competitiveness, and take the lead in revitalizing the regional economy.”