From the end of August, Nonghyup Bank will proceed with a loan agreement with a civil servant without a paper recommendation.

On July 15, Nonghyup Bank signed a business agreement for the joint project of blockchain-based public loan agreement service for the government employees with the Government Employees Pension Corporation and the Financial Settlement Service at the NH Digital Innovation Campus located at Seocho-gu, Seoul. The agreement includes implementation of ▲Paperless system to improve the method of issuing loan recommendation ▲Introducing new digital technology to strengthen the protection of personal information ▲Cooperation with joint improvement to support public security.

Nonghyup Bank and the two organizations will develope a blockchain-based loan qualification verifying system allowing banks to immediately process loan services for government employees starting at the end of August. The bank will increase the convenience and efficiency of the loan process by eliminating the process of submitting paper loan recommendation.

Lee Sang Rae, the vice president of digital finance dept. at Nonghyup Bank, said, “This is the first blockchain demonstration project in connection with public institutions after the establishment of the NH Digital R&D Center. We will try to lead the digital era through adopting blockchain technology.”

번역: 김동우