Omise and OmiseGO has signed a Memorandum of Understanding or MoU with South Korea's biggest Credit Card company ShinhanCard, aiming to explore opportunities for fintech and blockchain initiatives.
Following the news, OmiseGO's OMG coin traded higher, and is now at $9.06, up 2.04 percent over the last 24 hours, compared to negative trading for all major cryptocurrencies, according to coinmarketcap.
The move would bring decentralized payment options to the user base of ShinhanCard, an affiliate of South Korean banking and payments company Shinhan Financial Group.
The deal is part of its ongoing efforts to advance financial technology and accelerate the development and adoption of blockchain technology.
The MoU establishes a framework for closer collaboration between each party. It leverages Omise's portfolio of payment technology and solutions, and OmiseGO's server and mobile SDKs.
The companies expect to further advance ShinhanCard's digital offerings across its portfolio of payment services and mobile application in the mobile payments market.
For Omise, the deal expands its presence beyond its home countries in Southeast Asia and Japan.
The deal includes exchange of learnings, know-how, and information relating to fintech trends and payment solutions to support overseas processing of the Shinhan FAN Card, and expand its overseas merchant base.
The companies will explore possibilities of establishing a payment infrastructure for mobile payments for foreigners visiting Korea by developing a Global FAN Card.
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