Dunamu Signs MOU With Seoul Agencies on Digital Innovation for Traditional Markets

Dunamu, the operator of cryptocurrency exchange Upbit, said Aug. 24 that it signed a memorandum of understanding with the Seoul Regional Office of the Ministry of SMEs and Startups and the Seoul regional headquarters of the Small Enterprise and Market Service to bolster the competitiveness of traditional markets and small business owners in the capital.

The signing ceremony was held at 11 a.m. on Aug. 24 at the Seoul Regional Office of the Ministry of SMEs and Startups in the Government Complex Gwacheon. Attendees included Dunamu Chief Executive Officer Oh Kyung-seok, Seoul Regional Office head Kim Woo-soon and Small Enterprise and Market Service Seoul headquarters chief Cho Yong-min. They discussed ways to revitalize traditional markets.

Under the agreement, the three organizations will establish a public-private cooperation framework and use Dunamu’s digital, artificial intelligence and blockchain infrastructure to strengthen the practical competitiveness of traditional markets and small merchants in Seoul.

As the first project under the agreement, they will jointly hold the Traditional Market Digital Innovation Idea Contest for undergraduate and graduate students. Detailed application guidelines and the schedule will be announced later this month.

Cho Yong-min, head of the Seoul regional headquarters of the Small Enterprise and Market Service, said the agreement and contest would help lay the groundwork for turning young people’s creative ideas and public-private cooperation into change for traditional markets. The agency will work to identify ideas that can be put to practical use based on feedback from the field and translate them into tangible changes for traditional markets and small business owners, he added.

Kim Woo-soon, head of the Seoul Regional Office of the Ministry of SMEs and Startups, said the adoption and use of digital and AI technologies had become an essential part of running a business. How effectively those tools are used could determine the self-reliance and competitiveness of traditional markets and small merchants, he said. Kim added that the agreement would serve as a starting point for continued support to help merchants adopt new technologies.

Oh Kyung-seok, Dunamu’s CEO, said the initiative would provide an opportunity to show that blockchain and AI can deliver practical help to small business owners and traditional markets, which form the foundation of the real economy, beyond virtual environments. Based on Dunamu’s technology infrastructure, the company will continue working with public-sector partners so advanced technologies can serve as practical tools for revitalizing local economies and promoting shared growth, he said.