Gangdong-gu Measures Economic Impact of Local Currency Using Artificial Intelligence Techniques

Applying Objective and Precise Analysis to Future Regional Currency Issuance Policies and Promotional Marketing

[Asia Economy Reporter Park Jong-il] Gangdong-gu (Mayor Lee Jeong-hoon) is expanding support for local small business owners and preparing customized local currency activation plans through big data analysis of local currency using artificial intelligence (AI) techniques.

Since last year, Gangdong-gu has been issuing and selling the mobile local currency "Gangdong Sarang Gift Certificate," which can be purchased at a 7-10% discount, and the card-type local currency "Gangdong Bitsal Money," receiving great responses from residents.

As of June 2021, with the issuance periods of Gangdong Sarang Gift Certificate and Gangdong Bitsal Money having passed 1 year and 6 months and 1 year respectively, Gangdong-gu is quantitatively measuring the support effects for small business owners and economic effects through local currency issuance by analyzing the accumulated data.

Moreover, as the first local government to utilize artificial intelligence (AI) machine learning techniques, it plans to analyze approximately 2.2 million charging and payment data records to derive residents' usage patterns in a more scientific way than before.

Gangdong-gu plans to use the results of this analysis to conduct efficient promotional marketing and apply it to local currency issuance policies.

Lee Jeong-hoon, Mayor of Gangdong-gu, said, "Gangdong-gu is actively introducing big data and artificial intelligence techniques into district policies to establish a scientific decision-making support foundation in the public policy field. Through this analysis, we will lay the groundwork to enhance convenience for residents using Gangdong-type local currency and expand customized support for small business owners."

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