HyungjiGlobal Nears Launch of Hyungji Pay for 2,000 Stores

HyungjiGlobal signs MOU with blockchain company EQBR

HyungjiGlobal, which operates the French apparel brand Castelbajac, said on June 29 that the launch of its easy payment service, Hyungji Pay, is imminent.

The company said it signed a memorandum of understanding with blockchain specialist EQBR on June 26 at the HyungjiGlobal Fashion Complex Center in Songdo, Incheon. The agreement covers the creation of a next-generation blockchain points ecosystem and the buildout of infrastructure for Hyungji Pay. Chief Executive Officer Choi Jun-ho of HyungjiGlobal and Chief Executive Officer Lee Hyun-ki of EQBR attended the event, along with other executives from both companies.

After the signing ceremony, the companies conducted a simulation of stablecoin payment infrastructure to test stability and market competitiveness in a live-service environment for Hyungji Pay. The completed system will be used at about 2,000 stores operated by Fashion Group Hyungji in South Korea and across partners' global distribution networks.

EQBR specializes in blockchain infrastructure. Built on its proprietary EQ Hub blockchain platform, the company develops and operates Web3 services including digital wallets, blockchain points and stablecoin payments. HyungjiGlobal said EQBR has expanded cooperation across industries, including finance, to build digital-asset-based payment services and has gained recognition for its technology.

Working with EQBR, HyungjiGlobal plans to build a blockchain-based points pilot channel and verify operational stability, synchronize its Hyungji Members integrated membership system with the blockchain in real time, and develop a digital wallet for Hyungji Pay points and a payment gateway system. The companies also plan to work together to build a global payment ecosystem based on the Hyungji stablecoin and expand external partnerships.

A HyungjiGlobal official called the agreement with EQBR a strategic starting point for responding to changes in next-generation payment systems. The official said the company will gradually build a digital payments ecosystem that can expand from blockchain points to stablecoins and strengthen its global competitiveness.

Fashion Group Hyungji is pushing to introduce stablecoin payment infrastructure under HyungjiGlobal's lead, marking the first case of a retailer entering the stablecoin market. Last year, it filed six trademark applications with the Korean Intellectual Property Office, including HGKRW and HJKRW, across three classifications: cryptocurrency software, cryptocurrency financial transaction services and cryptocurrency mining.

Jang Seo-woo, Hankyung.com reporter, suwu@hankyung.com