"Leading Digital Finance: KT and Woori Financial Group Join Hands"

[Asia Economy Reporter Koo Chae-eun] On the 19th, KT and Woori Financial Group signed a strategic partnership agreement (MOU) to lead the digital finance industry. Both companies are major shareholders of K Bank, South Korea's first internet-only bank, with KT's subsidiary BC Card holding 34% of K Bank's shares and Woori Bank holding 26.2%.

At the signing ceremony, KT and Woori Financial Group shared the recognition that mutual exchange of ICT and financial capabilities helps strengthen industrial competitiveness. They agreed to cooperate in areas such as AI and big data-based financial digital convergence, financial AI workforce development, and joint new businesses utilizing data. KT CEO Koo Hyun-mo stated, "The strategic partnership between KT Group, which possesses the highest level of AI technology in Korea, and Woori Financial Group, which has led Korea's financial history, will be a major turning point for the leap forward in domestic digital finance. Through active cooperation, we will combine the know-how and strengths of both companies to lead the Fourth Industrial Revolution in industrial digital transformation and data business, raising the level of Korea's ICT and financial industries to the next stage." Woori Financial Group Chairman Sohn Tae-seung said, "Woori Financial has always developed and grown together with KT Group in the past. Through this agreement, we will further solidify our alliance with KT Group and actively utilize the strengths of both companies to secure financial leadership in competition with big tech companies armed with IT technology, and establish an important foundation to provide more convenient customer services."

With this MOU, a full-scale financial transformation will begin by adding KT's ICT strengths to the infrastructure held by Woori Financial Group. It is expected to build a real-time interactive platform based on AI technology and create a cloud-based remote work environment. Financial operations will also rapidly shift to non-face-to-face methods. The two companies will establish a joint AI workforce training program where financial industry know-how and AI technology can be mastered together, and will also foster AI talent specialized in the financial sector. They will accelerate the 'MyData' business, a core keyword and a hot topic of change in the Fourth Industrial Revolution. KT and Woori Financial Group plan to develop customer-tailored products and lead the activation of the data industry in both finance and telecommunications sectors.

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