Inscombi Signs Korea's First Blockchain-Based Local Gift Certificate Advancement Agreement with Iksan City

From the left, Inscombi Chairman Insoo Yoo, Iksan Mayor Heonyul Jung.

As the Lee Jaemyung administration is working to expand the issuance of local currencies, Inscombi has taken its first step in response to this government policy.

On July 23, Inscombi announced that it had signed a strategic business agreement with Iksan City, North Jeolla Province, to advance local gift certificates based on blockchain technology.

This agreement marks the first case in Korea of a partnership between a local government and a company for the issuance of local currency based on blockchain technology. Inscombi plans to expand such agreements to other local governments as well.

Both parties plan to focus on the following areas until December 31 of next year: advancing local gift certificates based on blockchain technology; improving payment systems for small businesses and supporting marketing through fintech technology; and discovering differentiated digital services and content that reflect local characteristics.

The National Policy Planning Committee recently strongly urged the Ministry of the Interior and Safety and the Ministry of SMEs and Startups to promote the activation of local currency (local gift certificates), a flagship policy of the Lee Jaemyung administration, during their business briefings. The supplementary budget passed by the National Assembly on the 4th included 600 billion won for local gift certificates (local currency).

As a result, the total issuance of local currency nationwide will reach 29 trillion won, including 6.4455 trillion won in Gyeonggi Province.

President Lee Jaemyung also expressed his strong commitment at a town hall meeting held at Daejeon DCC on the same day, stating, "For at least the next four years and eleven months, we will continue the local currency project even without enacting new laws."

Inscombi's entry into the advancement of local currency using fintech technology is aimed at reducing administrative costs associated with issuance and revitalizing the local economy.

The government allocated 55 billion won for issuance costs and labor expenses for local currency in the supplementary budget on the 4th, but this amount has been criticized as excessive.

To address this, Inscombi has signed business agreements with blockchain technology companies Parameta and Symverse Labs, as well as AI platform specialist Boomco Communication, and is developing technology to dramatically lower the costs of issuing local currency.

Meanwhile, according to the Ministry of the Interior and Safety, as of June this year, local currency is being issued in 226 out of 243 local governments nationwide (93%), and it is expected to expand further under the Lee Jaemyung administration.

Inscombi, established in 1970, is a KOSPI-listed company and has KOSDAQ-listed Cellumed as a subsidiary. In May of this year, it became the first in the domestic bio industry to list its US subsidiary, Apimez US (APUS), on the New York Stock Exchange (NYSE). In addition, its affiliate Freetelecom is growing by providing affordable mobile services through all three major Korean telecom companies. Inscombi has recently designated the digital asset sector as a new growth engine for the company and is developing local currency based on blockchain technology.

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