Hyosung Group Chairman Cho Hyun-joon, left, speaks with Mexican President Andrés Manuel López Obrador at the Presidential Palace in Mexico City on Nov. 5. Courtesy of Hyosung Group

Korean group will provide banking services for Mexican people

This is the third of a four-part series highlighting Hyosung Group’s global businesses. _ ED.

Hyosung TNS, an info-tech unit of Hyosung Group, said Nov. 28 that the Seoul-headquartered company is set to supply automated teller machines (ATMs)

Hyosung TNS received an order to supply of 8,000 units of ATMs needed for the ‘Rural ATM Project’ of Mexico, the contract valued at 203 billion won.

From the early stage, the company said Hyosung Group Chairman Cho Hyun-joon played a proactive role in garnering the lucrative deal.

As a result, Hyosung TNS is expected to increase its share in the ATM market in Mexico from 2 percent to 15 percent, thus solidifying its position in the market.

The Rural ATM Project, a policy for low-income people of Mexico, is designed to establish welfare centers in every rural village and install ATMs of the social welfare bank in villages, allowing low-income people to withdraw government subsidies directly from ATMs.

The government of Mexico has been supporting the living of vulnerable people by directly delivering cash to them.

But beneficiaries in rural areas received 60~70 percent of government subsidies as they have to pay transportation costs to move to receive them or pay cash delivery fees.

To address this situation, the government is implementing the Rural ATM Project.

Having started his term of office in December last year, President Andrés Manuel López Obrador implemented policies of improving infrastructure and supporting the needy class of people when he served as the mayor of Mexico City in the past.

In this April, he clarified the position that he would continue welfare policy for low-income people by announcing the “National Development Plan 2019-2024.”

It included the provision of pension to senior citizens and disabled people, support scholarships for low-income people, and youth support programs.

Early this month, Chairman Cho met with President López Obrador to assure his commitment.

I will exert my utmost effort to contribute to improving quality of life of low-income people and enhancing welfare delivery systems in Mexico by successfully fulfilling the Rural ATM Project,” he said.