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North Korea is conducting a thorough inspection of its national e-payment system, in a concerted effort to modernize its financial infrastructure. Spearheaded by the Pyongyang Information Technology Bureau, the initiative aims to enhance the security, stability, and efficiency of the country’s burgeoning digital banking sector.
The inspections, which began in July and are slated to continue through October, focus on ensuring smooth data exchanges between banks and retailers equipped for electronic payments. Technicians are diagnosing and addressing system errors, replacing outdated equipment, and ensuring that the e-payment infrastructure can operate continuously, 24 hours a day.
Key base stations across the nation, including in the capital Pyongyang, as well as in Nampo, Pyongsong, and Sariwon, are under scrutiny. The inspection teams are not only evaluating the technical capabilities of these stations but also holding workshops aimed at boosting the skills of local technicians to maintain system stability.
According to sources, the Cabinet is closely monitoring the progress of these inspections, emphasizing their importance for building public trust in the nation’s digital economy. In light of growing concerns about cyber threats, additional focus is being placed on fortifying the defence systems that protect against network intrusions and other external risks.
Despite facing challenges such as concurrent flood recovery efforts, which have strained local authorities, the technical inspection teams have continued their work largely independently. Their findings will be compiled in a comprehensive report to the government later this month.
North Korea’s push towards a digital economy reflects broader goals of integrating modern financial technology into its economy. By enhancing the safety and reliability of e-payment systems, the regime hopes to increase confidence in digital transactions, signalling a significant step forward in its economic strategy.