South Korean blockchain company FNSValue Co. on Monday signed a partnership agreement with the International Telecommunication Union (ITU), the United Nations specialized agency for information and communication technologies, to jointly provide fintech security solutions in emerging markets.
FNSValue and ITU’s Digital Financial Services Security Lab will establish a sandbox lab and support the development of technical guidelines and fintech-related regulations through testing best practices.
The two parties aim to provide strong blockchain-based secure authentication that doesn’t require passwords to mobile payment and other digital financial services in emerging markets.
They will also provide guidance to developing countries on how to implement the passwordless authentication solution, as well as how regulators can assess the security of solutions and verify compliance with data protection and privacy rules.
Additionally, they plan to organize application challenges that will be open to professionals and students with the goal of developing real-world solutions based on ITU international standards for strong authentication using the sandbox and testbed environment.
“It is honorable to be a partner of ITU and contribute to ITU and emerging countries with our passwordless blockchain secure authentication solution, which presents highly advanced Korea’s fintech technology,” Jeon Seungju, Chair & CEO of FNSValue said.
“I expect FNSValue will make a meaningful impact on digital financial services by mitigating the vulnerabilities related to passwords with ITU,” he added.
“This exciting new partnership of ITU and FNSValue reflects our shared view that strong authentication can inspire the trust in digital services required to make the most of these services and realize their full potential,” said Seizo Onoe, director of the ITU TSB.
Write to Seung-Woo Lee at leeswoo@hankyung.com
Jihyun Kim edited this article.
