FUJITSU FRONTECH and Chungho ComNet have jointly established FUJITSU FRONTECH CHUNGHO GLOBAL PRODUCTS Co. Ltd. (“New Company”) to undertake development work in relation to the goals set by the establishing companies to expand cash management/settlement processing solutions and products as well as ATMs and related software business for global markets.
Chungho ComNet is a solution provider for the finance sector in areas such as ATMs. They have excellent human resources and know how nurtured in system development and production over the last 30 years. And, in recent years, they have expanded beyond South Korea, to develop their business in multiple countries and regions, including Europe, Americas, China, Russia and South Africa.
FUJITSU FRONTECH works worldwide in places like Japan, Europe, Americas and Asia providing ATMs, cash management systems for retail segment, self-checkout systems, cash handling modules, as well as leading-edge products such as RFID and palm vein authentication devices.
Both companies have been cooperating with each other since 2011 in the ATM business, with FUJITSU FRONTECH supplying mechanical components and Chungho ComNet promoting expansion of sales in the South Korean market.
Here on, through the services of the New Company, both companies will strive to expand their each business further.
By forming new company, FUJITSU FRONTECH Group intends to enhance its product development capabilities and cost-competitiveness, and also to expand product portfolio to meet the needs of customers. Furthermore, the New Company enables to expand product and solution business in global markets that not only serve the financial institute sector but also other fields such as retail. And the aim is to reach sales of 20 billion yen over the next three years.
Outline of New Company
- Name: FUJITSU FRONTECH CHUNGHO GLOBAL PRODUCTS Co. Ltd.
- Address: 1-185 Yangchon eup, Gimpo, Gyeonggi province, South Korea
- Business Content: Development, production, sales and maintenance of finance related equipment
- Representative: Representative Director Shoriki Watanabe
- Capital: 500 million won (Approximately 470,000 US$ )
- Investment Date: 26 April 2018
- Shareholder Composition: 80% FUJITSU FRONTECH, 20% Chungho ComNet
Comment from Kazuhiro Igarashi, President and Representative Director of FUJITSU FRONTECH LIMITED
Chungho ComNet is an irreplaceable partner that has a pedigree track record and know how in fulfilling the needs of Korean and out of Korean customers mainly related to finance equipment. For us at FUJITSU FRONTECH, this joint venture will now enable us to further enhance product development capabilities and product portfolio with a competitive edge on the cost front. Thanks to this, we will be able to expand on both the hardware and software fronts of cash management solution business for global markets, including financial relevant product such as ATMs and so on.
Comment from Jung Woo Lee, CEO of Chungho ComNet Co., Ltd.
Chungho ComNet is strengthening its ties with FUJITSU FRONTECH in order to expand our finance equipment business, such as ATMs. Making the most of FUJITSU FRONTECH’s comprehensive strength and our development prowess, we will strive to provide products that underpin the business innovations of clients in global markets.