‘Ontong Daejeon’ Wins Korea Brand Award

Physical card image of Daejeon local currency 'Ontong Daejeon'. Provided by Daejeon City [Image source=Yonhap News]

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon’s local currency, Ontong Daejeon, has won the Korea Brand Award.

On the 16th, Daejeon City announced that Ontong Daejeon became the first local currency nationwide to receive the grand prize at the 23rd Korea Brand Awards hosted by the Ministry of Trade, Industry and Energy.

The Korea Brand Award is a government commendation given to outstanding companies, institutions, and local government brands that have enhanced industrial competitiveness through brand management, fostered excellent brands, and contributed to national economic development.

Ontong Daejeon proudly earned its place as a representative brand of Korea at the Korea Brand Awards. Previously, Ontong Daejeon was ranked first in the top 10 Daejeon city news selected by citizens for two consecutive years, the citizen opinion survey’s “best policy,” and major achievements of the 7th local government administration.

Launched in May last year, Ontong Daejeon achieved an issuance amount of 900 billion KRW within just seven months of its launch.

As of this month, it has recorded 760,000 cumulative subscribers, with 900,000 cards issued, meaning 7 out of 10 Daejeon citizens aged 14 and older possess one, enjoying widespread popularity. The cumulative issuance amount of Ontong Daejeon currently reaches 2.8 trillion KRW.

The city cites the economic effects of Ontong Daejeon issuance (as of the end of last month) as a net consumption increase of 700 billion KRW, a sales increase of 770 billion KRW shifted from large marts and online to local small businesses, and 400 billion KRW converted from out-of-region to local consumption.

Through this, the city analyzes that the ripple effects on the local economy are clear, including 850 billion KRW in production inducement, 450 billion KRW in added value inducement, and employment inducement of about 13,000 people within the region.

In particular, Ontong Daejeon is not limited to the role of a simple local currency but has also established itself as a platform within the local community.

Through various consumption promotion projects such as Ontong Sale, it has revitalized local consumption tendencies that were stagnant due to COVID-19, thereby promoting livelihood stability and gaining recognition as a brand that activates the local economy.

Additionally, it received high praise for establishing the nation’s first “Onjeong Nanum” donation platform to spread a culture of sharing and consideration, and for continuously improving operational issues such as consumption concentration by region, class, and industry.

Using Ontong Daejeon as a lever to link various projects and generate economic effects across multiple fields is the background for its positive evaluation.

Ko Hyun-deok, Director of the City’s Job and Economy Bureau, said, “Ontong Daejeon is becoming a driving force that helps sustain the livelihood economy amid the COVID-19 crisis, with cumulative issuance approaching 3 trillion KRW just two years after its launch.” He added, “Especially, Ontong Daejeon has established itself as a brand, growing in value to represent not only the region but also Korea, adding significance to the issuance of local currency.”

He continued, “The city will develop various policy functions that citizens can feel through Ontong Daejeon, secure sustainability, and ensure it plays a lever role to lead local economic revitalization.”

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