Fujitsu Frontech and Chungho ComNet formed Joint Venture in Korea to expand Product and Solution Business for Global Market

FUJITSU FRONTECH(1) and Chungho ComNet(2) 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

1. Name: FUJITSU FRONTECH CHUNGHO GLOBAL PRODUCTS Co. Ltd.
2. Address: 1-185 Yangchon eup, Gimpo, Gyeonggi province, South Korea
3. Business Content: Development, production, sales and maintenance of finance related equipment
4. Representative: Representative Director Shoriki Watanabe
5. Capital: 500 million won (Approximately 470,000 US$ )
6. Investment Date: 26 April 2018
7. 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.

Notes

[1] FUJITSU FRONTECH: 

FUJITSU FRONTECH LIMITED; Headquarters Inagi-shi, Tokyo, Japan; President and Representative Director Kazuhiro Igarashi

[2] Chungho ComNet: 

Chungho ComNet Co., Ltd.; Headquarters Seoul, Korea; CEO Jung Woo Lee

Customer Contacts

• FUJITSU FRONTECH LIMITED
  Global Business Group, Global Business Development Division
  Tel: +81-(0)42-377-0481 (direct line)
• Chungho ComNet Co., Ltd.
  Global Business Division
  Tel: +82-2-3670-7626 (direct line)

About FUJITSU FRONTECH LIMITED

As part of the Fujitsu Group, FUJITSU FRONTECH LIMITED ties people and ICT together through the development, manufacture and sales of front-end technologies such as ATMs, banking terminals, palm vein authentication system, RFID, totalizator terminals, and public display devices. FUJITSU FRONTECH also offers related software, system integration and services as part of its total solutions. FUJITSU FRONTECH LIMITED (FTEC: 6945) reported consolidated revenues of 111 billion yen (US$992 million) for the fiscal year ended March 31, 2017. For more information, please see

• http://www.fujitsu.com/jp/group/frontech/en/

About Chungho ComNet Co., Ltd.

Since the establishment in 1977, Chungho ComNet has provided financial institutions including commercial bank with office automated machines, and Chungho ComNet has successfully become a professional financial solution provider with great contribution in the world.
Regarding to customer satisfaction and social responsibility, we have been offering the best products and services for over 20 years. As a result, Chungho ComNet has become a leading financial solution provider in Korea.

All company or product names mentioned herein are trademarks or registered trademarks of their respective owners. Information provided in this press release is accurate at time of publication and is subject to change without advance notice.