Hyosung Group chairman Cho Hyun-jun met Mexican President Andres Manuel Lopez Obrador to discuss business cooperation. Hyosung TNS landed an order for 8,000 units of automated teller machine (ATM) needed for the Mexican government's “Rural ATM Project.”
Cho thanked President Obrador for giving Hyosung TNS the chance to participate in a large-scale project during a meeting at the Presidential Palace in Mexico City on Nov. 6, Hyosung said. “We will successfully complete the project so that Mexican people will be able to conveniently use ATMs,” Cho was quoted as saying.
In particular, Cho regarded the project as an important opportunity for Hyosung to go beyond business for profits to practicing corporate social responsibility. “I was deeply impressed with the Mexican government's policy and philosophy of placing priority on improving the people’s lives,” Cho said. “Hyosung wants to contribute to improving the quality of life and economic development of the Mexican people by participating in power infrastructure projects and new and renewable energy projects such as solar power.”
Mexico lacks financial services in 75 percent of the country's land. It is promoting the “Rural ATM Project” as one of its core welfare policies. As 20 million people eligible to a welfare benefit program cannot receive the money properly, the Mexican government decided to install ATMs nationwide so that they can withdraw cash with their welfare cards.
Cho began preparations for the project in the beginning of 2018 and led sales activities himself. The deal will enable Hyosung TNS to secure a solid position in the Mexican ATM market. It will expand the company’s ATM market share in Mexico from current 2 percent to 15 percent by the end of 2020. Hyosung TNS ranks first in the U.S. ATM market in terms of 2019 annual sales with a 46 percent share.
Since his inauguration as chairman of the Hyosung Group in 2017, Cho has been intensively leading his global management by meeting with world leaders including Indian Prime Minister Narendra Modi and Vietnamese Prime Minister Nguyen Xuan Phuc.