EBC Foundation signs three-way MOU to promote blockchain-based Tax Refund Services

The MOU — A three-way partnership between EBC Foundation, Chain Refund, and Oniontech will be the key to developing the tax refund solution based blockchain. This collaboration allowed EBC Foundation to promote tax refund business.

Accordingly, the Chain Refund will be responsible for developing blockchain based tax refund service, and the EBC Foundation will develop the cryptocurrency, EBCoin, which is used in blockchain-based tax refund services. At last, Oniontech plays a vital role to develop a system that can apply blockchain to the tax refund services and solutions.

The EBC Foundation is undertaking to issue EBCoin and is in the process of promoting tax refund, exchange, and payment services, which are based on the blockchain.

In order to solve the absurdity and inconvenience of the tax refund market, the Chain Refund has been working on developing both refund application and system that applies blockchain to the customers who are qualified to receive the tax refund. The ‘Reum Wallet’ is the first output of Chain Refund to deal with those problems in the market, which is the ERC 20 based electronic wallet. In addition, the Chain Refund was finally selected in the Lotte Accelerator L-Camp on April 4 and is undergoing business with support from the Lotte Group.

As the world’s first successful electronic refund service provider, Oniontech operates and manages the ‘kt is’’s refund platform, which company is the domestic tax refund service provider in South Korea. Moreover, the Oniontech is in charge of the development and operation of South Korea exclusive tax refund solutions of ‘Global Blue’, a global tax refund service provider. On top of that, Oniontech is also specialized in tax refund solutions that provide refund platforms to companies, such as Sungjoo Group (MCM) and Hanwha S&C in South Korea.

An official of EBC Foundation who led the three-way MOU said, “First of all, we plan to introduce our solution to build the related infrastructure within the year, afterward will to jointly enter the overseas market with Oniontech in the future. And the three companies will not hesitate to cooperate in developing and expanding the blockchain-based tax refund services for a successful future.”