Image Credits - Canada Journal
North Korea has embarked on an extensive review of its national e-payment infrastructure as part of a broader push to modernize its financial technology. Led by the Pyongyang Information Technology Bureau, the inspection aims to improve the security, stability, and efficiency of digital payment systems across the country.
The technical inspection, which began in July and will continue through October, involves a detailed evaluation of mobile and card payment systems. According to sources within North Korea, the inspection team focuses on ensuring the 24-hour functionality of banking services, the seamless exchange of real-time data between banks and merchants, and safeguarding financial networks from cyber threats.
The inspection teams have already visited major hubs, including Pyongyang, Nampo, and Sariwon, where they have replaced outdated equipment and addressed system malfunctions. This effort, driven by a Cabinet directive, is seen as a key step toward building public confidence in the country’s digital payment systems and promoting the transition to a digital economy.
The North Korean government has called on local committees to cooperate fully with the inspection, highlighting its importance for the future of the national economy. However, the technical teams have encountered challenges, particularly in areas still recovering from recent floods, where local authorities prioritise disaster relief efforts.
Experts from North Korea’s card payment research institute are also involved in the process, focusing on strengthening the security of e-payment systems to protect them from external threats, such as hacking attempts. The inspection teams are expected to report their findings to the Cabinet later this year, which will likely inform further improvements to the system as early as 2025.