HyundaiPay signs MOU with blockchain outfit in Africa

HyundaiPay has inked a memorandum of understanding (MOU) with the Africa Blockchain Association (ABA) for a business alliance, the Korean company said Monday.

They will cooperate for the African Union Coin, which is aimed at uniting African countries’ complicated currency markets so as to streamline settlements, payments and remittance.

Two other firms — Double Chain and Korea Digital Exchange — have joined the MOU.

“The fintech industry of Africa has been developed with a great opportunity. Especially, it is the most suitable place for HyundaiPay, Double Chain and Korea Digital Exchange to play the given roles for each company,” CEO Kim Byung-chul said.

ABA Vice Chairman Cromet Molepo said, “Blockchain technology and cryptocurrency have drawn attentions in South Africa, but it’s hard to find a local company that has the related technology.”

He added: “I am glad to have this business alliance with HyundaiPay, Double Chain and Korea Digital Exchange — the companies that have highly progressed blockchain and internet of thing (IoT) technologies.”

The MOU came after HyundaiPay held a technical seminar in Johannesburg, South Africa, on a platform about virtual currency and a blockchain-applied-IoT — the first time for a Korean fintech firm to do so.