Woori Bank to Build a 'Platform' Equipped with Purchasing and Financial Systems

On the 7th, at Woori Bank headquarters in Jung-gu, Seoul, Cho Byung-kyu, Head of Corporate Group at Woori Bank (third from the right), Song Jae-min, CEO of Emro (third from the left), and other officials attended a business agreement ceremony for the 'Digital Supply Chain Platform Construction' and are taking a commemorative photo. Photo by Woori Bank

[Asia Economy Reporter Song Seung-seop] Woori Bank has embarked on developing a platform to strengthen its digital transformation (DT) competitiveness in the corporate sector.

According to the financial industry on the 7th, Woori Bank signed a business agreement to build a platform with AI software company 'Emro.' The signing ceremony was attended by Cho Byung-kyu, head of Woori Bank's corporate group, and Song Jae-min, CEO of Emro, among others.

Emro is a company that provides supply chain management software based on AI technology. It has carried out more than 1,100 projects in fields such as automotive, electronics, steel, and chemicals.

Woori Bank and Emro will jointly develop the 'SCM&F' platform. This platform optimizes companies' unique business processes including purchasing, production, warehousing, logistics, quality, and finance. It also accelerates the flow of corporate supply chains through prompt financial support.

This project is currently underway as the first phase of development, targeting the purchasing system and linked financial support. Medium-sized and small enterprises can simultaneously enjoy the purchasing system developed by Emro and Woori Bank's dedicated financial products through the platform.

Medium-sized and small enterprises using Woori Bank's corporate internet banking can use the platform free of charge. Innovative technology-based management support services are also provided, including electronic purchasing processes, internet banking services, financial and non-financial risk management for partners, and carbon emission calculation for ESG (environmental, social, and governance) management practices.

A Woori Bank official stated, "This platform represents a convergence of industry and finance where corporate and banking tasks can be performed simultaneously," adding, "We will continue to evolve this platform through collaboration with various industries to accelerate digital transformation for medium-sized and small enterprises."

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