Woori Bank and Kakao Pay Join Hands for 'Digital Financial Innovation'

Kwon Kwang-seok, Woori Bank President (fourth from left), Ryu Young-jun, Kakao Pay CEO (third from left), and other officials from Woori Bank and Kakao Pay are posing for a commemorative photo after signing a "Business Agreement for Digital Finance Innovation" on the 10th through an online face-to-face (Ontact) method. (Photo by Woori Bank)

Woori Bank is partnering with KakaoPay to collaborate on digital financial innovation.

On the 11th, Woori Bank announced that it signed a "Business Agreement for Joint Development and Cooperation of Digital Financial Services" with KakaoPay on the 10th. Accordingly, the two companies plan to cooperate to discover innovative projects such as ▲non-face-to-face loan applications through open application programming interface (OpenAPI) integration ▲joint development of customer-tailored digital financial products and services.

As their first joint project, KakaoPay will provide Woori Bank's non-face-to-face loan products through the "My Loan Limit" service offered on the KakaoTalk and KakaoPay mobile applications. Through this, customers can check the limit and interest rates of Woori Bank's non-face-to-face loan products and then apply for a loan by accessing Woori Bank's mobile banking app, Woori WON Banking.

The two companies also plan to expand their cooperation through digital joint marketing by ▲entrusting related tasks for non-face-to-face loan recruitment services ▲developing and expanding collaboration on financial and platform convergence services ▲jointly attracting new customers.

Kwon Kwang-seok, CEO of Woori Bank, stated, "Through the partnership with KakaoPay, a lifestyle-oriented financial platform, we plan to provide convenient customer-centered financial services that are not restricted by time and place," adding, "This agreement marks the beginning of a new relationship between the two companies, and we will continue active collaboration going forward."

Ryu Young-joon, CEO of KakaoPay, said, "We will do our best to enable users to enjoy Woori Bank's excellent financial services and products more easily and conveniently within KakaoPay's lifestyle financial platform," and added, "We will create a good cooperation model between the platform and the bank to further improve users' financial lives."

The signing ceremony was conducted via electronic signatures by CEO Kwon and CEO Ryu in video conference rooms prepared by each company to prevent the spread of the novel coronavirus disease (COVID-19).

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