HyundaiPay has inked a memorandum of understanding with the Africa Blockchain Association (ABA) for a business alliance, the Korean company said Monday.

They will cooperate for the African Union Coin, which is aimed at uniting African countries’ complicated currency markets so as to streamline settlements, payments, and remittance.

Two more Korean companies – Double Chain and Korea Digital Exchange – have also joined the MOU.“

“The fintech industry of Africa has been developed with a great opportunity. Especially, it is the most suitable place for HyundaiPay, Double Chain and Korea Digital Exchange to play the given roles for each company,” CEO Kim Byung-chul said.ABA Vice Chairman Cromet Molepo said, “Blockchain technology and cryptocurrency have drawn

ABA Vice Chairman Cromet Molepo said, “Blockchain technology and cryptocurrency have drawn attention in South Africa, but it’s hard to find a local company that has the related technology.”

He added: “I am glad to have this business alliance with HyundaiPay, Double Chain and Korea Digital Exchange, the companies that have highly progressed blockchain and internet of thing (IoT) technologies. ”

The MOU came after HyundaiPay held a technical seminar in Johannesburg, South Africa, on a platform about virtual currency and a blockchain-applied-IoT – the first time for a Korean fintech firm to do so.

Separately, the three companies are currently in discussions with German fintech company MyBucks, ABA technology partner Touchside and South African consulting company Trapeace.