Yeosu City Introduces 'Clean Pay'... Ensuring Safety in Construction Payments and Wages

Shinhan Bank, Kyobo Securities, and Paycoms Sign 'Business Agreement'

Yeosu City, Jeollanam-do (Mayor Jeong Gi-myeong) announced that it has signed a business agreement with Shinhan Bank, Kyobo Securities, and Paycoms to introduce ‘Clean Pay’ for establishing a fair contract culture and ensuring smooth payment of funds and wages.

According to the city on the 19th, the agreement ceremony was held the previous day in the mayor’s office, attended by Mayor Jeong Gi-myeong, Kim Guk-hwan, Head of Shinhan Bank Headquarters, Cho Seong-ho, Executive Director of Kyobo Securities IPS Headquarters, and Hong Jong-yeol, CEO of Paycoms.

Yeosu Mayor Jeong Gi-myeong, Shinhan Bank Headquarters Director Kim Guk-hwan, Kyobo Securities IPS Headquarters Executive Director Jo Seong-ho, and Paycoms CEO Hong Jong-yeol signed a business agreement on the 18th to introduce CleanPay. Photo by Yeosu City

According to the agreement, Yeosu City will oversee overall project execution and payment of funds, Shinhan Bank will be responsible for the overall management of the fund management system, Kyobo Securities will oversee the trust contract operations, and Paycoms will manage the Clean Pay system operations.

‘Clean Pay,’ jointly developed by Shinhan Bank and Paycoms, is a next-generation electronic payment system that links a fund management system preventing delayed payments with a bond trust system.

In case of crisis situations such as bankruptcy or insolvency of construction companies, construction payment claims are managed through the relevant trust account rather than a regular account, ensuring stable payment of construction workers’ wages, subcontractor payments, and equipment and material payments. From the perspective of the primary contractor, the flow of paid funds can be checked in real time, preventing misuse of advance payments and ensuring transparency in fund execution.

Mayor Jeong Gi-myeong stated, “We will strive to prevent problems that may arise at construction sites due to instability in the subcontract payment structure in advance, and guarantee direct payment of construction funds and workers’ wages to ensure that there are no delayed payments during the construction projects commissioned by Yeosu City.”