Blockchain Businesses Sign MoU to Accelerate Tax Refunds in South Asian Markets

tax refund blockchain
Image credit: flickr

Death and tax refunds

It has been yet another busy month for fintech and blockchain projects in the global landscape, with South East Asia emerging as a major hub for revolutionary technological advancements in the blockchain realm. In another such event, it was announced that Dynamic Currency Conversion Service Provider GCMC has signed a memorandum of understanding (MoU) with two blockchain projects, namely the EBC Foundation incubated “Chain Refund” as well as NICE TCM. While the entire scope of the partnership is yet to be revealed, it is thought that the main aim of this alliance is to accelerate the overall tax refund business in emerging South Asian markets. This comes as the latest piece of news for GCMC, which has been busy forging partnerships with the likes of the EBC Foundation and Onion Tech.


For those who aren’t aware, GCMC, or Global Choice Multi Currencies, is a Dynamic Currency Conversion Service provider, aimed at facilitating travelers worldwide with efficient currency conversion services. GCMC is also part of the EBC alliance, developing projects aimed at providing convenient tax refunds through the EBCoin project.

GCMC has quite a reputation in South Korean markets going back to its founding in 2012. All throughout 2013 and 2014, GCMC forged partnerships with many prominent organizations, such as the Korean Financial Telecommunications and Clearing Institute, Korail, as well as with Hana Card and Lotte Card. The company also has plans to extend into other avenues, such as PG and POS.


One of the three parties involved in the MoU is NICE TCM, a Seoul based kiosk manufacturer operating since the early 90s. With a company track record of over 8000 kiosk units sold nationwide, it has worked with major South Korean institutions before. The company uses the Integrated Management System of Financial Automation Equipment in all of its units.

SOuth Korea tax service
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South Korea National Tax Service. Image credit: By Minseong Kim – Own work, CC BY-SA 4.0,

Implications of the MoU

The MoU signed between GCMC, Chain Refund, and NICE TCM primarily focuses on mass producing and distributing a tax refund kiosk system for the worldwide market.

NICE TCM already has a headstart in kiosk production, with shipment numbers reaching 1580 units in 2017 alone.  It has already carved up a significant niche market with clients such as the Incheon International Airport, with an additional 200 kiosks being supplied to the open market.  The MoU will also focus on solving some existing problems, such as reducing logistics cost, kiosk system maintenance, improving local servers, as well as local security certifications.

Notably, this is not the first time Chain Refund has signed such a MoU, as Chain Refund and Onion Tech were reported to have signed a similar agreement in June of this year. As Chain Refund was the company responsible for developing blockchain based tax refund services and apps, the MoU allowed the EBC Foundation to promote tax refund services into the mainstream.

News of the partnership has been very well received in the South Korean Fintech community, with many viewing Chain Refund’s involvement as the project’s driving force. Chain refund will be responsible for integrating its existing block chain based tax refund services into the project.

GCMC and the EBC Foundation have been working wonders for promoting tax refund, exchange, payment services, leveraging the untapped potential of blockchain technology. Through forging partnerships with the EBC Foundation, GCMC hopes to work with promising blockchain projects such as Chain Refund and Onion Tech, with an ultimate aim to expand in both the domestic as well as the international market.


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