Sacheon City Signs Agreement with Sacheon Sarang Gift Certificate Sales Agents

18 Financial Institutions Including Nong·Su·Chukhyup, Gyeongnam Bank, and Saemaeul Geumgo Select 45 Handling Branches

Sacheon City in Gyeongnam held a business agreement ceremony with Sacheon Love Gift Certificate sales agencies for the sales and exchange services of the gift certificates.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Sacheon City in Gyeongnam held a business agreement ceremony on the 24th at the city hall's main conference room with Sacheon Love Gift Certificate sales agencies to delegate sales and exchange operations of the gift certificates.

The agreement ceremony was attended by a total of 18 people, including Mayor Park Dong-sik, heads of sales agencies, and branch managers, and they agreed to mutually cooperate to ensure smooth sales and exchange operations of the Sacheon Love Gift Certificates.

The sales agencies selected include NongHyup Bank Sacheon Branch, regional agricultural cooperatives, livestock cooperatives, fisheries cooperatives, Gyeongnam Bank, Saemaeul Geumgo, and a total of 18 regional financial institutions and 45 banks. The sales agencies are financial institutions that handle the storage, sales, and exchange of the gift certificates.

The issuance scale of Sacheon Love Gift Certificates is 10 billion KRW. They are issued in two forms: 50% paper gift certificates and 50% mobile gift certificates, with the Korea Minting and Security Printing Corporation responsible for issuance.

For paper gift certificates, 100,000 pieces of 5,000 KRW denomination and 450,000 pieces of 10,000 KRW denomination will be issued, stored at the NongHyup Bank Sacheon Branch as the general sales agency, and then distributed to other sales agencies.

The city pays a sales commission of 0.7% and an exchange commission of 0.7%, and the collected gift certificates are stored for six months.

Since this project is promoted to revitalize the local economy, the city plans to select as many stores as possible to enhance citizens' purchasing convenience and ease of exchange for affiliated stores.

Affiliated stores will be intensively recruited until the 31st, and from November, recruitment will switch to a regular basis. Applicants can apply by bringing their ID and bankbook to the local economy department or the eup/myeon/dong welfare center.

Local currency refers to alternative currency that is valid only within a limited specific region, unlike the national official currency. Local currency can only be used in the issuing region, which has the advantage of preventing the outflow of local funds outside the region.

Mayor Park said, “We will carefully analyze cases of other cities and counties that have introduced local love gift certificates to reduce side effects and trial and error, and do our best to ensure a virtuous cycle effect in the local economy.”