Woori Financial Group Spins Off Two In-House Venture Teams into Independent Companies

The First Case Among Domestic Financial Holding Companies
Chairman Sohn Tae-seung Directly Evaluates and Encourages Business Performance and Technological Capabilities

Son Tae-seung (third from the left in the first row), Chairman of Woori Financial Group, and the management team held the final business presentation on the 29th at Woori Financial Group headquarters located in Hoehyeon-dong, Jung-gu, Seoul, and took a commemorative photo with the in-house venture employees of Woori Bank and Woori FIS, which are spinning off as independent companies.

[Asia Economy Reporter Kim Jin-ho] Woori Financial Group announced on the 30th that it will spin off the first batch of in-house venture teams selected through its in-house venture nurturing program, ‘Woori Adventure,’ as independent companies, becoming the first domestic financial holding company to do so.

Since last year, Woori Financial Group selected about 50 teams that applied to Woori Adventure and, through three rounds of evaluation, chose two teams to nurture intensively for 10 months. Chairman Sohn Tae-seung and the management recognized the business potential and technological capabilities of these in-house venture teams at a presentation held on the 29th on the 5th floor of Woori Financial Group headquarters and decided on the final spin-off.

The in-house venture teams to be spun off independently are Woori Bank’s ‘WooriTem’ and Woori FIS’s ‘Midgo Matgyeo.’ ‘WooriTem’ offers a ‘P2P rental service’ that allows individuals to rent items such as cameras and professional equipment to each other, while ‘Midgo Matgyeo’ provides a ‘storage service’ that stores and manages personal items such as seasonal clothing and collectibles.

These in-house venture teams have also been recognized externally for their business potential, winning first place at Yonsei University’s mock investment presentation (IR) challenge in December last year, the grand prize at Chung-Ang University’s startup competition, and an excellence award at Kwangwoon University’s startup competition.

Chairman Sohn said, “I support the success of the in-house venture teams that have achieved startups with innovative thinking and an adventurous spirit, and we will spare no effort to help them grow together with Woori Financial Group.” He added, “Entrepreneurs from Woori Adventure will widely promote Woori Financial Group’s innovative image and deeply instill an innovative mindset among senior and junior employees alike.”

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