Cuconn is supplying financial infrastructure, including virtual accounts and deposit transfers, for the National Pension Service’s pilot “Dementia-Safe Asset Management Service.”

Cuconn said on July 14 it provided payment services for the National Pension Service’s “Dementia-Safe Asset Management Service” to support building a trust-asset management system.

The Dementia-Safe Asset Management Service is a project in which a public institution manages, in a trust structure, the financial assets of elderly people who have difficulty managing their property on their own. The National Pension Service, acting as trustee, manages and executes users’ funds for medical expenses, nursing care costs and living expenses, and checks records of how assets are used.

Cuconn provided virtual accounts, deposit transfers, transaction notices and account-holder inquiry services for the project. It supports the National Pension Service’s funds management work from receiving trust assets to executing funds, verifying accounts and notifying users of transaction results.

Pensions from the National Pension Service, welfare benefits and various subsidies are deposited into dedicated virtual accounts issued for each user. The National Pension Service can use the deposit transfer service to pay taxes and utility bills on users’ behalf.

Before executing funds, it verifies recipient account information through the account-holder inquiry service. After a transaction is completed, it informs users of the results through the transaction notice service.

Cuconn CEO Jong-hyun Kim (김종현) said, "We will continue to provide financial infrastructure that supports the digital transformation of public institutions and protects vulnerable groups."