Aju Business Daily

SEOUL -- SK Infosec, the information security wing of South Korea's SK Group, has partnered with VinCSS, the network security service unit of Vietnam's Vingroup, to expand their clout in Vietnam's rapidly growing information security sector.

SK Infosec said on Wednesday that an agreement on its strategic partnership has been signed in Hanoi. SK Infosec will establish an integrated security control platform in VinCSS' security center by the end of the year and share know-how.

Information security is a key element in establishing anything that's hooked onto the internet. The data-securing technology is the top priority in the financial sector where a data leak could end up in damages worth millions of dollars.

According to London-based financial firm Ernst & Young, there are some 100 fintech firms in Vietnam where 90 percent of all transactions are made with cash. Currently, more than 40 Vietnamese banks provide smartphone banking services as well as digital wallets. The percentage of Vietnamese using fintech services including digital payment services have increased from 37 percent in 2018 to 61 percent in 2019.