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N. Korea Introduced the Credit Card

Posted November. 05, 2002 22:53,   

한국어

The first credit card clearing company will be established a joint venture between South and North Korea in N. Korea. On November 5, the Internet lottery site and PC room will be established in N. Korea. According to Gim Beom-Hun, president of Hoonnet, the N. Korea will establish the first credit card clearing corporation within the year, and start its business in major areas such as Pyeongyang and Mt. Geumgangsan.

He said, “DPRK Lottery Joint Venture which Hoonnet has participated in has been progressing the establishment of joint venture with a bank of N. Korea and the credit card company of third country by acquiring the approval of credit card clearing business of N. Korea government.” He also said, “As the credit card company of the third country, the card clearing company of Japan will participate. Hoonnet has participated in the credit card business in N. Korea as a main shareholder (30%) of DPRK Lottery Joint Venture indirectly.”

DPRK Lottery Joint Venture plans to install 100 credit card clearing terminals in major hotels and department stores of N. Korea and to computerize the credit card clearing. The company will place the clearing server in Pyeongyang and install the credit card clearing network connected with a phone and Internet.

The N. Korea hasn’t had the credit card clearing company in the meantime and so it restricted a using of the credit card to an utmost. In avoidable situations, it has depended on a manual work and Telex exchange of China for the clearing service. However, When the credit card clearing company participated by S.-N. Korea’ s joint venture, people will be able to use the credit card issued in S. Korea, at the end of the year or in early months of next year in N. Korea.

DPRK Lottery Joint Venture is the joint venture company established by Hoonnet of S. Korea and Jangseng Trading Company of N. Korea last December. It has provided the Internet lottery and Paduk service for foreign netizens by installing the server in N. Korea.

In relation to the Internet gambling business of ‘DPRK Lottery Joint Venture’ which conflicted owing to a disapproval of business admission of the Ministry of Unification, he said that a satisfactory settlement is expected as N. Korea brings a position which can accept recommendations of MOU of S. Korea.



Tae-Han Kim freewill@donga.com