Hankook NFC, headed by Richard Hwang, announced on May 17 that it attracted an investment of 3 billion won ($2.6 million) from Japan’s Miroku Jyoho Service and signed a service partnership agreement with the company on May 16. Hankook NFC is a startup company that has developed a mobile payment and authentication system based on NFC (near-field communication) technology.

This investment is the first foreign investment that Hankook NFC has attracted so far. Last year, the company secured domestic investments from KDB Capital and L&S Venture Capital. With this recent investment from MJS, Hankook NFC has managed to secure a total accumulated investment of 5.5 billion won. 

This investment was made possible due in large part to the support of the K-ICT Born2Gloabl Centre a government agency that provides support for startups. The Born2Global Centre consulted Hankook NFC on issues such as audits and the filing of overseas patents and participated in the discussion with MJS to specify the details of the investment agreement in Tokyo, Japan, on May 11.

A major Japanese company listed on the First Section of the Tokyo Stock Exchange, MJS develops and provides financial accounting systems and management information services. Through the recent agreement between the two companies, MJS will utilize Hankook NFC’s patented technology, oversee the introduction and operation of a phone-to-phone payment service in Japan, and conduct related marketing activities and services. The two companies are also planning to expand their collaboration to provide phone-to-phone payment services throughout Asia.

(jshwang@heraldcorp.com)