South Korean Company Awarded FinTech Security Patent

KB Financial Group, a South Korean based financial holding company, has just been awarded a patent for its application security technology, according to a report in South Korean media outlet The Digital Times.

KB Financial has developed technology that separates the security program from the app as a whole - meaning a user would no longer have to re-download an application when an update was required.

Instead, the app "Calls" the separate security program whenever the user launches it.

If it determines a security upgrade is needed, only that portion of the app needs to be updated.

The technology even offers a further degree of separation, according to the Times: the encryption key at the core of the security program can be separated from the security portion of the app and stored on the blockchain.

If a mobile app gets hacked, the security protocol is separate, and can still prevent your financial app from conducting unauthorized transactions.

If the security module is compromised, a hacker can't do anything without the key.

KB Financial is looking to introduce its product to these markets.

"The amount of crypto-asset investment is not really big, compared with other equity markets, and local financial institutions' exposure to possible risks of digital assets is insignificant. Against this backdrop, we expect crypto-assets to have a limited impact on the South Korean financial market."

LG U+ now has an agreement with companies in both Taiwan and Japan for cross-carrier payments, and a trial run is scheduled for early 2019.The company, which reportedly controls around $342BN in assets, was also recently upgraded from a "Sell" rating to a "Hold" rating by Zacks Investment Research as of Sept. 19.Zacks Investment Research Upgrades KB Financial Group $KB to "Hold" https://t.