Shinhan Bank said on Thursday its Ddaenggyeoyo service has been selected as the operator of Incheon’s public-private public delivery app.

Ddaenggyeoyo has signed public delivery app business agreements with 53 local governments nationwide, including Seoul, Busan and Gyeonggi Province.

Following the selection, Shinhan Bank plans to add Incheon’s local currency, the Incheon Love Gift Certificate, as a payment option within the Ddaenggyeoyo app to improve convenience for users and lay the groundwork for boosting local consumption.

It also plans to pursue joint promotion with Incheon to revitalise the public delivery app and to further strengthen the public-private cooperation system to expand public delivery apps.

Shinhan Bank will provide a 200,000 won "owner support grant" to newly signed merchants in Incheon to support marketing activities such as issuing their own coupons. It will also provide 50 discount coupons worth 2,000 won each on the first business day of next month to merchants that switch their Ddaenggyeoyo settlement account to Shinhan Bank, offering additional support worth up to 300,000 won.

A Shinhan Bank official said, "Through linking local currency and supporting merchants, we will reduce customers' burden of use and help expand the actual sales of small business owners, and we will work to revitalise the local economy." The official added, "We will continue to expand cooperation with local governments to contribute to revitalising local economies."