Kona I selected as preferred negotiator for operating Busan local currency 'Dongbaekjeon'

[Asia Economy Reporter Yoo Hyun-seok] Fintech company Kona I announced on the 15th that it has been selected as the preferred negotiation partner for operating the Busan local currency Dongbaekjeon.

The Busan local currency Dongbaekjeon was launched on December 30, 2019, to prevent the outflow of local funds and to revitalize the local economy through the establishment of a virtuous cycle structure. Offering benefits such as a 10% cashback on usage, it recorded an issuance amount of approximately 1.24 trillion KRW as of the end of last year.

Kona I possesses the most extensive experience in operating local currency platforms in Korea and has a flexible and highly scalable multi-layered platform that can reflect various local government requirements such as usage restrictions, linkage with additional services, and customized incentive settings. The company explained that it was selected as the preferred negotiation partner in recognition of its expertise and capabilities in systematic platform operation and management.

Through its proposal, Kona I presented directions for ▲strengthening the competitiveness of small business owners through payment function linkage and coupon events in additional businesses such as local online malls and public mobile markets ▲establishing a foundation for a virtuous cycle in the local economy by introducing a redistribution model ▲linkage with policy allowances ▲building an original platform reflecting Busan’s characteristics such as integrated tourism services ▲unifying card and mobile issuance entities, and implementing a sustainable local currency model in the post-COVID-19 era.

Jung Il Cho, CEO of Kona I, said, "Being selected as the preferred negotiation partner for operating Dongbaekjeon is a recognition of the excellence of the Kona I platform specialized in local currencies," and added, "We will do our best to ensure that Dongbaekjeon develops into a true local community platform connecting Busan City, its citizens, and small business owners."

Meanwhile, Kona I operates local currency platforms for over 56 local governments nationwide, including Incheon, 28 cities and counties in Gyeonggi Province, Cheonan, Cheongju, and Jeju Island. The company is striving to advance local community platforms by providing various services based on local currencies, such as public delivery services and donation services.

This content was produced with the assistance of AI translation services.