Gyeonggi Province Recruits New Regional Currency Operators...Information Session (RFI) Scheduled for 24th

[Suwon Ilbo=Reporter Park No-hun] Gyeonggi Province has launched the selection process for the co-operator of Gyeonggi Regional Currency.

As a first step, an 'Information Provision (RFI) Briefing Session' will be held at Suwon Convention Center on the 24th.

The Gyeonggi Regional Currency co-operator will undertake technical operations including platform development and operation for Gyeonggi Regional Currency in 28 municipalities and counties within the province, as well as card application and issuance and customer service.

The current co-operator is Kona I, selected in 2019, with the agreement period set to end in January 2022.

The briefing session is designed to provide an opportunity for each operator to explain and promote the platform construction and operation technology they possess ahead of formal recruitment of co-operators, and to communicate field opinions from municipalities and counties as well as the direction of regional currency services desired by residents to operators.

The format will proceed with participating operators explaining their Gyeonggi Regional Currency platform construction technology, operational plans, and future development directions to practical personnel in charge of Gyeonggi Regional Currency from municipalities and counties, followed by question and answer sessions.

Notably, at this occasion, discussions will address fee reduction for small business owners (appropriate fee rates) and plans for community contribution that can revitalize neighborhood commercial districts contracted due to COVID-19 and lead to the activation of a virtuous economic cycle in the region.

Additionally, participants are expected to discuss operators' plans for securing stability of Gyeonggi Regional Currency operational funds and methods of returning interest and unclaimed profit revenues to residents, as well as measures to realize these plans.

Financial or electronic financial business operators wishing to participate in the briefing session may apply from November 17th to 22nd through mail, email, or in-person visit to the Gyeonggi Province Regional Finance Division (3rd Floor, Separate Building of North Gyeonggi Provincial Government Office, 1 Jeongbuseong-ro, Uijeongbu-si, 031-8030-4733).

For more details, visit the Gyeonggi Provincial Government website (www.gg.go.kr) under the Notices and Announcements section.

A provincial official stated, "We will make this business briefing session an opportunity for development in creating a fairer and more transparent regional currency system," and added, "We hope for keen interest and participation from operators possessing regional currency operation platform technology."

Meanwhile, Gyeonggi Regional Currency began issuance with 561.2 billion won in 2019, and as of October 2021, a total of 3.65 trillion won has been issued, with assessments noting that it is effectively serving as a catalyst for revitalizing neighborhood commercial districts and small business owners affected by COVID-19.