[INTERVIEW] 'North Korea will soon open commercial bank, mobile banking'
A North Korean man buy a government bond at an international trade bank in downtown Pyongyang in this 2003 file photo. Yonhap |
By Jung Da-min
Kim Young-hui. |
"I think it could happen in the near future, within a year at most," said Kim, Senior Research Fellow at KDB's Korean Peninsula New Economy Center.
Kim's forecast is based on the latest edition of the North Korean quarterly journal Economic Research, issued in June, which was about establishing a mobile banking system for smartphone users. The contents of the quarterly were reported by Yonhap.
"A commercial bank should be established first to enable customers to use mobile banking services," she said. "Once it is established, individuals will be able to make transactions through their smart phones through their own bank accounts."
In North Korea, the concept of individuals opening a bank account is alien.
Most of North Korean residents deposit their money with individual money traders, making it hard for the North Korean regime to account for the money it prints, Kim said.
Although North Korea established the Commercial Bank Law in 2006, it still does not have a separate commercial bank regulatory system. There are some "commercial" banks, but they only deal with foreign currency, not domestic currency, Kim said.
The Commercial Bank Law enables loan services for individuals, while working with domestic currency as well as foreign currency.
North Korea under Kim Jong-un is now trying to open up to the global economy as he declared at a Workers' Party plenum meeting in April that the completion of nuclear weapon development left him with one mission of economic development in his byungjin policy.
The new smartphone-based financial service would enable North Korean residents to check (their) bank accounts, withdraw cash, transfer money as well as pay at shops. The tool is a smartphone, an "indispensable information communication tools."
The report also urged the mobile telecommunication organizations in the country to establish a communication infrastructure that can provide information on the purchase of goods while notifying financial transactions to mobile banking users. The infrastructure, once established, will also enable confirming of payments and settlements to both buyers and sellers.
"Unlike other countries where a series of steps have been taken before introducing mobile banking, North Korea is skipping them since smartphones are already prevalent in the country," the researcher said.
The report also proposed the development and introduction of RFID (Radio Frequency Identification) and NFC (Near Field Communication) technologies as well as the installation of necessary devices to make payment using smart phones at stores and other facilities more quick and accurate.
It also pointed out the security and transparency of financial transactions should be secured through thorough security measures such as operating system forgery inspection, malicious code inspection and an intrusion detection system.
(责任编辑:行业动态)
相关内容
- 高燃!哨响表停赛不止,2024广东“村BA”开赛在即,一分钟带你重温高光瞬间。
- Skip the smart diapers — babies don't need them
- Jeff Sessions: Family separation "never really intended."
- Weekend border crosser thought to be North Korean defector: military
- Smiley face on Mars is a telltale sign of its past
- Google is bringing AI summaries to ‘Files’ so you can find your docs quicker
- Gay penguin couple is getting ready to raise a baby
- Chelsea 'easiest game' Juve set to face, says Chiellini
- 东进融入 雅安城市向东挺进
- 16 of the Most Epic Sandwiches Around the Planet
- 现场检查 加快整改 确保环境安全
- 惠州烟草创设乡村法律诊所,打造新时代好“枫”景
- 惠州烟草创设乡村法律诊所,打造新时代好“枫”景
推荐文章
-
18 Places for Epic Outdoor Adventure Across Colorado
The Centennial State is an outdoorsy dream, with hiking, mountain-biking, skiing, kayaking, birding ...[详细] -
雅安日报/北纬网讯根据省文明办《关于开展“雅安志愿·携手圆梦”新书节“互联网圆梦村小”主题志愿服务活动的通知》的要求,我市将开展系列关爱留守儿童和贫困学生主题志愿服务活动。活动将从2018年8月持续到 ...[详细]
-
N. Korea warns youth against adopting foreign speaking habits, lifestyles
This image, captured from North Korea's Central TV footage on May 12, 2021, shows North Korean youth ...[详细] -
N. Korea's multiple provocations seen as retaliation against int'l condemnation: experts
People watch a news program broadcasting a file image of a missile launch by North Korea, at Seoul S ...[详细] -
8月26日,市委书记夏凤俭在雅与四川建安工业有限责任公司董事长耿海波一行座谈。双方分别介绍了雅安经济社会发展情况和企业生产经营情况,围绕推动企业科技创新、扩大投资布局、做强产业集群、开拓市场空间等方面 ...[详细]
-
A big shark and a large squid fought in the deep sea
An underwater photographer snapped a curious picture of a shark off of Kona, Hawaii, in November 201 ...[详细] -
根据劳动法相关规定,用人单位必须为劳动者购买保险。但现实中,各种情形都可能出现。火锅店务工老板一直未买养老保险2011年,张光芳进城务工。几番寻找后,她走进了市区一家火锅店,与火锅店陈老板签订了相关的 ...[详细]
-
7日,记者在位于雨城区大兴新区以东的中国供销川西国际农博城项目一期工程建设现场看到,吊塔林立,挖掘机来回穿梭,整个施工忙而有序进行。中国供销川西国际农博城项目总投资10亿元,占地318.8亩,分两期开 ...[详细]
-
Gastro Obscura's Guide to Where to Eat in Nashville
Every month, thousands of bachelorette parties don their TEAM BRIDE sashes and descend on Nashville. ...[详细] -
Put these keywords in your YouTube video title if you want more views
A recent studyfrom the Pew Research Center takes a deep dive into some of YouTube’s most popul ...[详细]
热点阅读
随机内容