Hecto Financial Signs Technology Partnership MOU on Stablecoin Payments with Highfivelab

Hecto Financial, a fintech company, announced on June 11 that it has signed a memorandum of understanding (MOU) for a technology partnership on stablecoin payment systems with Highfivelab, a blockchain security specialist with the largest track record of proof-of-concept projects in Korea.

This partnership aims to ensure payment safety and trust, which are the most critical factors in stablecoin payments. Hecto Financial is preparing to enter the stablecoin market based on its strengths in existing payment, prepaid recharge, and local currency sectors. The company is currently in discussions with domestic and U.S. stablecoin operators regarding partnerships in payment and distribution, and is also in the process of establishing overseas subsidiaries in regions such as Japan, where regulatory frameworks have been established.

Highfivelab is a leading company in Korea specializing in MPC (Multi-Party Computation) distributed key storage, with the highest number of proof-of-concept projects in the country. In the CBDC (Central Bank Digital Currency) sector, it has collaborated with the Bank of Korea, Shinhan Bank, Hana Bank, and IBK Industrial Bank of Korea. In the STO (Security Token Offering) and custody sectors, it has worked with Hana Securities, KB Securities, and Samsung Securities. In the wallet sector, it has partnered with LG Uplus, among other major financial institutions and telecommunications companies, thereby holding the largest number of proof-of-concept records in Korea.

In particular, Highfivelab's MPC distributed key storage technology significantly reduces the risk of hacking and theft by splitting and storing private keys in multiple fragments. Transactions can only be executed when multiple stakeholders reach consensus, thereby maximizing payment security and reliability.

A representative from Hecto Financial stated, "Since payment safety and trust are the most important factors in stablecoin payments, proven security technology is essential. To this end, we plan to collaborate with Highfivelab, which possesses the highest level of technical expertise and the largest number of proof-of-concept projects in Korea, to implement a secure system."