Smart card solutions developer Kona I said Tuesday that it had signed a memorandum of understanding with the world’s largest PC maker Lenovo to join forces to develop security technologies for wearable devices and mobile payment.

One of the security technologies to be deployed for the products of the Beijing-based PC maker is called the secure element, which is used to protect data stored in credit cards and smart cards, according to the Seoul-based smart card solutions firm.

The Korean firm has recently been stepping up its efforts to jumpstart its businesses for financial technology, or fintech, sector.

The company is a member of the KakaoBank consortium, one of the two groups given permission by the financial authorities to set up the nation’s first Internet-based banks.

“We will spare no efforts to bring our tech to the global markets,” Cho Chung-il, the chief executive of Kona I, said in a statement.

By Kim Young-won (wone0102@heraldcorp.com)