Germany's FinTech Group and Korea's Finotek strike cross-licensing deal

Source: Fintech Group

FinTech Group AG (WKN 524 960, ISIN: DE0005249601, FLA.GR) and Finotek Inc. start cross-licensing innovative technology solutions in the first European-Asian fintech joint venture.

 Today, FinTech Group AG was invited by the Korean government to sign the joint venture in the presence of Korea’s president Park Geun-hye in Paris.

Under the framework of the joint venture, FinTech Group provides access to its proprietary mobile-payment solution “kesh”, a multi-facetted smartphone wallet, which allows peer-to-peer, POS, and online-payments. 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 in Asia.

Finotek, a B2B-specialist with renowned 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 cutting-edge mobile banking solutions, which allow for remote internet banking services with real-time ID verification – a fully digital process without any media breaks. With “SmarterSign” Finotek also developed a biometric authentication solution for mobile-based e-signature verification and fraud prevention. Additionally, Finotek provides a cloud-based, fully-mobile, and real-time mortgage platform to complete a loan application in just 30 minutes.

“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”, comments Frank Niehage, CEO of FinTech Group AG.

“We are proud that the joint venture with one of the leading German Fintech companies, the FinTech Group AG, pushes the German-Korean relationship to the next level as the overall fintech sector is growing”, said Woo-Sub Kim, CEO of Finotek Inc.

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