OneSpan announced a partnership with Sumitomo Mitsui Trust Bank (SuMiTB) and SCSK Corporation to deploy its cloud‑based FIDO authentication solution for SuMiTB’s mobile banking platform. This marks the first time a mobile bank in Japan has adopted OneSpan’s cloud‑based FIDO technology.
The deal underscores OneSpan’s strategic shift from legacy hardware to high‑margin software services. By securing a client as large as SuMiTB, the company positions itself to cross‑sell its broader security and digital agreement solutions to the bank’s extensive customer base, reinforcing its growth strategy in the Asia‑Pacific region.
While the announcement did not disclose financial terms, the partnership is significant because it validates OneSpan’s cloud strategy and provides a foothold in a key market where the Japanese Financial Services Agency is pushing for phishing‑resistant authentication. The collaboration also leverages SCSK’s local expertise to integrate the solution with SuMiTB’s existing systems.
OneSpan’s CEO Victor Limongelli has highlighted the importance of subscription‑based software in recent earnings calls, noting that deals like this accelerate the company’s transition to recurring revenue. The partnership aligns with OneSpan’s recent acquisition of Nok Nok Labs, which expanded its FIDO capabilities.
The announcement comes at a time when the global momentum for FIDO authentication is growing, driven by increased phishing attacks and regulatory pressure. By securing SuMiTB, OneSpan demonstrates the commercial viability of its cloud‑based FIDO offering and sets the stage for further expansion in Japan’s financial sector.
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