The state-owned Fintech Center of Korea signed a memorandum of understanding Thursday with its Malaysian counterpart, the Fintech Association of Malaysia.

Malaysia is the eighth country to partner with Korea to seek bilateral cooperation in financial technology, following the United Kingdom, Australia, France, Singapore, the United States, China and Switzerland.

The size of deal has yet to be disclosed, but Korean firms’ entry into “one of the world’s leading payment markets” would be significant, according to the center located in southern Gyeonggi Province.

The news came during the center’s offshore Demo Day event this year, joined by state-invested FAOM and state-run Malaysia Digital Economy Corporation. The center has held six overseas promotion events since its foundation in 2015.

Through the event, six Korean fintech firms -- half of which are devoted to payment technology -- and five Malaysian firms showcased business capability, according to the center.

Korea’s Fintech Center is designed to nurture fintech startups, bridge communication gaps between financial firms and fintech firms in Korea and establish networks between fintech players. The FAOM, headquartered in Shah Alam, Malaysia, was founded in October 2016.

By Son Ji-hyoung 
(consnow@heraldcorp.com)