A financial technology startup and major credit bureau are locked in a fight, with the former claiming the Korea Credit Bureau violated intellectual property rights on the startup’s technology to allow user verification with a single finger touch on a smartphone.
Korean financial technology startup Hankook NFC said it is filing complaints against Korea Credit Bureau, its former business partner to create the authentication system, for infringing its patent rights on the authentication technology issued to it in 2015 and 2016.
Complaints were submitted to the Ministry of SMEs and Startups on June 1 and 4. The startup also seeks to bring the case to Korea’s antitrust body, the Fair Trade Commission, by no later than Tuesday. A patent litigation against KCB is also on the table, added the startup, which specializes in payment system technology ranging from near-field communication to authentication via smartphone.
KCB has strongly denied the allegations, adding it is considering suing Hankook NFC for defamation. KCB is one of two Korean agencies devoted to collecting consumers’ credit information to determine their creditworthiness.
Source: The Korea Herald