Fintech company Hecto Financial announced on the 11th that it signed a technical partnership agreement (MOU) with blockchain security specialist Hi-Five Labs to build a stablecoin-based payment system.
This agreement was pursued with the goal of securing security and reliability, which are the core elements of the stablecoin payment system. Hecto Financial is preparing to expand its stablecoin-related business based on its operational experience in prepaid charging, local currency, and general payment, and is discussing collaboration with related companies at home and abroad. In particular, it announced that it is in the process of advancing into overseas markets with well-established regulatory environments, such as Japan, along with partnerships with stablecoin operators in the United States.
Hi-Five Labs, participating as a technology partner, is a security company that possesses distributed key storage technology based on multi-party computation (MPC). It has secured verification history through various projects such as central bank digital currency (CBDC) verification projects including the Bank of Korea and major commercial banks, STO (token securities) and custody technology cooperation for securities companies, and wallet service development with mobile carriers.
HiFive Lab's MPC technology is characterized by providing a high level of security and reliability through a structure in which multiple participants must approve a transaction and reduce the risk of hacking and theft by distributing and storing private keys.
A Hecto Financial official said, “The core of a stablecoin-based payment system is technical stability and security,” and added, “We plan to build a stable payment system through technical cooperation with Hi-Five Lab, which has abundant verification experience.”
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