S.Korea's FNS Value to enter Malaysian fintech market

South Korea's FNS Value announced on Thursday a collaboration agreement with the Malaysian big data technology company Big Dataworks.

The two companies plan to actively seek new opportunities and synergies based on their technological strengths, accumulated expertise, market insights, and networks.

As part of the partnership, Big Dataworks will serve as a business partner, customer and distributor for FNS Value's password-less blockchain security authentication (BSA) solutions in the Malaysian market. It will be responsible for promoting, marketing, selling, and distributing FNS Value's BSA within Malaysia.

FNS Value, in collaboration with its Malaysian office, will provide close support in areas such as design, development, training, testing, installation, and marketing for the BSA solutions offered to customers.

"The partnership between a leading big data specialist in Malaysia and a (South) Korean security authentication solution technology company is not only significant for business growth but also meaningful in terms of protecting Malaysian digital financial services users," CEO of FNS Value Jeon Seung-joo said.

FNS Value has been actively pursuing the application of its blockchain security authentication solutions in digital financial services worldwide since signing a partnership agreement with the International Telecommunication Union (ITU), a specialized agency of the United Nations in August last year.

The company is currently working on a sandbox for the application of its solutions. In addition, FNS Value, in collaboration with the ITU, established security clinics in Bangkok, Thailand, in Oct., Uganda in Nov., and Peru in Dec.

Big Dataworks is a technology company that provides solutions in the areas of data supply, analysis management, and document storage management. With the recent growth of the fintech market in Malaysia, the company aims to expand its market dominance as a leading player in the country.

"We will actively promote collaboration among fintech companies and efforts to build a differentiated networking environment to streamline application programming interface (API) pipelines," CEO of Big Dataworks Sheriza Zakaria said. 

Write to Mi-Hyun Jo at mwise@hankyung.com