TScientific-FSN, 5 Billion Mutual Investment to Strengthen Blockchain Business Synergy

TS Scientific, a KOSDAQ-listed company, announced on the 23rd that it will engage in mutual equity investments with FSN to expand the blockchain ecosystem and strengthen business synergies.

According to the Financial Supervisory Service's electronic disclosure system, FSN will hold 5 billion KRW worth of the 18th series convertible bonds (CB) issued by TS Scientific, and TS Scientific holds 5 billion KRW worth of convertible bonds issued by FSN as of the 19th.

FSN is a comprehensive digital marketing group with strengths in integrated marketing services across the entire advertising industry. Based on its proprietary technology, the company is expanding its business into tech, commerce, and global sectors, conducting various platform and project businesses suitable for the Web 3.0 industry.

TS Scientific operates primarily in information protection and security, ITO business, and mobile coupon business. Selected for the '2022 Private Sector Blockchain Pilot Project' hosted by the Korea Internet & Security Agency and the Ministry of Science and ICT, the company is preparing new businesses related to cloud and blockchain in addition to its core data security area. This mutual equity investment with FSN is seen as a commitment to actively foster various future industries based on blockchain by strengthening the partnership with FSN, which is successfully operating Web 3.0 businesses based on artificial intelligence and blockchain, such as 'Finger Labs' and 'Finger Bus.'

A representative from TS Scientific stated, “Through this partnership, we will expand continuous investment and entry into various blockchain-based Web 3.0 industries, which we have positioned as a pillar of the company’s future growth, and diversify the business direction that has so far been focused on the virtual asset exchange Hanbitco.”

They also added, “Our existing core business areas, mobile commerce and information security, are preparing for rapid change and growth in line with recent IT tech trends such as cloud and AI. We believe that combining FSN’s accumulated technology and global network will create greater synergy. Through these diverse cooperation processes encompassing both present and future, we will strive to achieve company development and deliver good results that enhance shareholder value.”