First Example of MOU Signing through Blockchain Technology in South Korea

Apr 05, 2018

FinTech startup support organization called ‘Seoul FinTech Lab’, which was established by Seoul-si on the 3rd, opened its door on the 2nd floor of an annex of Seoul Startup Hub in Mapo-gu.
Seoul FinTech Lab is the first in South Korea to set up a FinTech test room that is connected with financial computer network and allows business models to be tested under conditions that are same as actual financial environments.
MOU (Memorandum of Understanding) was signed through blockchain technology, which is the first incident in South Korea, at the opening ceremony. Paper documents were not signed. Instead, electronic signature method using electronic contract platforms and blockchain technology were used. Mayor Park Won-soon of Seoul-si and 33 CEOs from partnering organizations signed electronically at the same time.
This method was developed by Theloop that specializes in blockchain and Cyberdigm that manages atypical contents.

Mayor Park Won-soon of Seoul-si (fourth from the left), Director Kim Ki-sik of Financial Supervisory Service (third from the left), and organizations participating in FinTech Lab signed off on a MOU through blockchain technology, which happened for the first time in South Korea). <Mayor Park Won-soon of Seoul-si (fourth from the left), Director Kim Ki-sik of Financial Supervisory Service (third from the left), and organizations participating in FinTech Lab signed off on a MOU through blockchain technology, which happened for the first time in South Korea).>

MOU that was signed by Seoul-si and 33 partnering organizations have a hash value from each one of them and it is managed more safely through blockchain’s verification process on forgery or falsification. Theloop and Cyberdigm signed a MOU in this past January and automated contract procedures through Smart Contract developed by Theloop.
On the other hand, 27 promising startups that will lead South Korea’s FinTech industry entered Seoul FinTech Lab. 33 partnering organizations will provide systematic mentoring services to them for commercialization, investment, marketing, technical development, legal patent, media, and exportation. 33 partnering organizations will also consider investing in these startups if they export their products overseas.
Staff Reporter Gil, Jaeshik | osolgil@etnews.com

Interpretation & Translation_Service Center

Refund Help Center