[Asia Economy Reporter Hyunseok Yoo] Fintech security company Aton announced on the 22nd that it has signed a Memorandum of Understanding (MOU) for a strategic partnership with the music copyright trading platform Musicow. The signing ceremony was held non-face-to-face, considering social distancing measures due to the spread of COVID-19, with Aton’s Head of Division Kim Inbeom and Musicow’s CEO Kim Jisoo in attendance.
Through this MOU, Aton and Musicow agreed to mutually cooperate for ▲advancing the authentication and security of platform systems ▲collaboration utilizing Aton’s expertise in authentication and security and Musicow’s IP expertise ▲development of new services using music IP portfolios ▲strategic cooperation in future new business endeavors.
Aton is driving performance growth by providing private authentication solutions across the financial sector and is seeking to expand its security and authentication domains, so the synergy from collaboration between the two companies is expected to be significant.
Musicow is the world’s first IP finance platform that allows anyone to freely trade “music copyrights (rights to claim participation in music royalties),” which were previously considered exclusive to artists, and to receive monthly royalty settlements. Through this partnership, Musicow sees potential for growth as an advanced innovative company.
Kim Inbeom, Head of Division at Aton, said, “We have confirmed the possibilities for collaboration in areas where both companies’ capabilities can be combined, and we will continue to build a relationship that allows us to grow together.”
Kim Jisoo, CEO of Musicow, explained, “We hope to create synergy effects for qualitative growth between the two companies, and by sharing infrastructure in various fields where we can collaborate, this will become an opportunity for mutual development.”
Meanwhile, Musicow, which proposed an innovative business model where ‘culture becomes investment, and investment becomes culture,’ was selected as a prospective unicorn by small and medium-sized venture companies this year and received the Minister’s Award in the innovation category. Having pioneered an unprecedented market as the world’s first platform for trading participation rights in music royalties, Musicow is recently making efforts to establish the new IP finance market by strengthening user protection guidance and other measures.
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