A cross-continent financial technology collaboration has been announced that will see South Korean and German firms form a close working bond.
In what is thought to be one of the the first European-Asian fintech joint ventures, a deal has been agreed that will see Germany’s FinTech Group and South Korea’s Finotek start cross-licensing of innovative technology solutions.
Under the framework of the joint venture, Frankfurt's FinTech Group will provide access to its proprietary mobile-payment solution «kesh», a multi-facetted smartphone wallet, which allows peer-to-peer, POS, and online-payments.
Going Asia Wide
The Made in Germany, solution is user friendly and has significant advantages in terms of flexibility, data security, and regulation. It is planned to market the solution under a white-label-agreement throughout Asia.
Seoul headquartered Finotek, is a B2B-specialist with Korean clients both public and private, offers a number of all-digital mobile-powered solutions, which will be leveraged to expand FinTech Group’s product portfolio in the European market.
Finotek provides cuttingedge mobile banking solutions, which allow for remote internet banking services with real-time ID verification. With «SmarterSign» Finotek also developed a biometric authentication solution for mobile based e-signature verification and fraud prevention.
Presidential Backing
«We are very proud to join forces with our partner Finotek and build a bridge between two huge markets. This is the first German-Korean fintech joint venture, allowing to jointly seize business opportunities which make sense both technologically and commercially,» said Frank Niehage, CEO of FinTech Group.
FinTech Group AG signed off on the joint venture agreement in the presence of Korea’s president Park Geun-hye in Paris.
