Banko-KIS Information & Communication, Promoting Tourism-Specialized Easy Payment Project

Challenge in the Simple Payment Market for Foreign Tourists

Blockchain technology specialist company Banko announced on the 11th that it has signed a business partnership agreement with electronic financial service company KIS Information & Communication to promote a payment platform business specialized in the tourism industry.

Through this partnership, Banko plans to develop a mobile simple payment service for foreign tourists by utilizing payment technology and merchant solutions tailored to the recovery of foreign tourist demand in Korea after the COVID-19 pandemic, changes in tourism trends, and shifts in foreign tourists' consumption behavior. The company aims to expand payment infrastructure focusing on major domestic tourist sites such as duty-free shops, hotels, and hospitals.

Banko is a blockchain technology company that has developed related technologies for about eight years. In 2019, it developed a payment system called 'Purple Payment' and obtained a VASP (Virtual Asset Service Provider) license from financial authorities. It possesses core technology for the 'Travel Rule' (fund transfer regulation) for anti-money laundering (AML) and has completed an independent audit by the law firm Hwawoo.

Kang Daegu, Chairman of Banko, stated, "Through cooperation with payment specialist company KIS Information & Communication, we will be able to innovatively improve the payment convenience for foreign tourists visiting Korea," and added, "This will contribute to the digital transformation of tourism services and the increase of domestic tourism revenue."