South Korea and Germany strike cross-licensing deal


German company Fintech Group AG has taken an offer from the Korean government to sign the first European-Asian fintech joint venture.

Under the framework of the joint venture, which was signed in Paris, Fintech Group AG will provide Korean company, Finotek Inc., with access to its proprietary mobile-payment solution, ‘kesh’, a smartphone wallet allowing peer-to- peer, POS and online payments.

Finotek is a business-to-business (B2B) specialist also offering a number of digital mobile-powered solutions, which will be leveraged by Fintech Group AG to expand their product portfolio.

Fintech Group AG chief executive, Frank Niehage, said that the bi-national agreement will be mutually beneficial for commercial growth.

“This is the first German-Korean fintech joint venture, allowing to jointly seize business opportunities which make sense both technologically and commercially,” he said.

“We are very proud to join forces with our partner Finotek and build a bridge between two huge markets.”