Seoul Laps, a blockchain-based fintech company, and Cardnaton, a specialist in Internet of Things (IoT) cards, said Thursday they have signed a memorandum of understanding (MOU) to cooperate in the local currency and digital finance sectors.
The deal focuses on the two companies combining their key technology capabilities to jointly identify opportunities to activate and commercialize local currency and digital finance markets at home and abroad. By integrating Cardnaton’s IoT card technology with Seoul Laps’s blockchain-based digital finance technology, they plan to implement a next-generation local currency model that secures both payment convenience and data reliability.
The companies agreed to combine the blockchain distributed ledger technology with payment infrastructure to fundamentally prevent tampering or alteration of transaction records and to build a transparent settlement system that all stakeholders—including local governments, merchants, and users—can trust. In particular, they will use near-field communication (NFC) payment technology to enable users to use local currency with a single card without installing a separate application or going through complicated procedures. This is expected to significantly improve accessibility for a wide range of users, including senior citizens who may have difficulty using smartphones.
Looking ahead, once related legislation is put in place, the companies plan to broaden their scope through full-scale business expansion into various innovative financial services such as blockchain-based local currencies for foreign tourists and tax refunds. Based on successful performance in the domestic market, the companies also presented a concrete blueprint to jointly move into overseas digital finance markets.
Jang Do-hee, CEO of Seoul Laps, said, “If Cardnaton’s verified IoT card and payment technology and our company’s blockchain digital finance capabilities are combined, we will be able to offer a more evolved user experience in the local currency market.” He added, “Starting with this agreement, we will step by step develop specific commercialization models.”
Kang Kwang-chae, CEO of Cardnaton, said, “We have IoT card technology that implements NFC, Bluetooth, and wireless charging functions in the same specifications as ordinary credit cards, and we can even control smart home devices using a button mounted on the card.” He then added, “With Seoul Laps’s blockchain technology added, we expect the scope of use to expand far beyond the private sector into public services and policy-support areas.”
Meanwhile, Seoul Laps is building decentralized identity proof (DID) using blockchain technology and super wallets, an alternative credit evaluation model, after signing a memorandum of agreement with the Laos government. The company said it plans to continuously expand financial inclusion across the ASEAN market, starting with Laos.
