Woori Financial's Innovation Experiment... Introduction of In-House Venture System 'Woori Adventure' (Comprehensive)

Idea Contest Scheduled in Q1
Support for Office Space and Investment Attraction

[Asia Economy Reporter Kim Hyo-jin] Woori Financial Group announced on the 7th that it has introduced an in-house venture system at the group level called 'Woori Adventure (A-D Venture).' 'Woori Adventure' refers to a daring venture group that challenges itself with free and innovative ideas across fields ranging from analog to digital.

Woori Financial was finally selected last October as an operating company for the 'In-house Venture Promotion Program' hosted by the Ministry of SMEs and Startups. It is explained that the strong will of the management for open innovation and the systematic development plan of the 'Woori Adventure' system received high marks.

Woori Financial introduced this in-house venture system to overcome the conservative organizational culture and risk-averse work style unique to financial companies, which are cited as the biggest limitations and weaknesses of fintech innovation. Through this, all employees of the entire group, including Woori Bank, will be thoroughly guaranteed autonomy in discovering and promoting new businesses, while tolerating failures in results, thereby instilling an 'innovation DNA' based on a spirit of challenge.

In addition, by operating 'Woori Adventure,' a small-scale voluntary innovation organization, the plan is to spread the advantages of startups?such as rapid execution, open innovation, and a challenging culture?to all group companies including Woori Bank. Furthermore, by launching services with minimum requirements and quickly measuring customer responses to reflect them in the next idea, the business will be promoted using the Lean Startup method, minimizing risks in new businesses.

A Woori Financial official said, "With the acceleration of the Big Blur phenomenon, where boundaries between industries are breaking down, it has become an important task for financial institutions to improve understanding and expertise in this area," adding, "We expect that operating the in-house venture system will establish an innovation culture within the organization and cultivate the potential of employees across all group companies including Woori Bank."

Woori Financial plans to solicit business ideas in the first quarter of this year. Selected applicants will be provided with independent office space, and if they start a spin-off venture, support will be given for startup procedures and investment attraction. After spin-off startup, employees may also be re-employed within three years with their experience recognized.

This content was produced with the assistance of AI translation services.