KOSPI-listed Inscobee is moving into the payments business in earnest, hand in hand with IT specialist PARAMETA, on the back of digitizing local currencies.
The two companies said they signed a memorandum of understanding (MOU) on May 28 and have begun working together on a new simple-payment infrastructure.
Under the agreement, Inscobee takes charge of issuing and circulating the digital local currency, while PARAMETA handles technology development and system build-out. Inscobee plans to consolidate the local currencies that municipalities run across the country into a digital asset form, then tie that to a smartphone-based simple-payment system to make life easier for residents and small business owners.
The companies expect the system to resolve structural problems that dog local currencies today, such as settlement delays and limited circulation. It is also drawing attention as a way to stimulate spending and strengthen the virtuous cycle of the local economy, with service launch possible as early as next year.
"This project goes beyond payments — it is the first step toward digitizing and modernizing the local economy," an Inscobee official said. "We plan to run a pilot and then push for nationwide expansion."
PARAMETA CEO JH Kim added that the project "will be an important case of overcoming the limits of existing payment methods and building new infrastructure for the local economy."
Read the full article: https://www.hankyung.com/article/202505281597O
Web3 Enabler, PARAMETA