Woori Financial Group Partners with Startups... "Establishing Ultra-Innovation and New Growth Engines"

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[Asia Economy Reporter Song Seung-seop] Woori Financial Group is understood to be conducting collaborative projects between its affiliated financial companies and startups. This is to create momentum for innovation and growth through 'open innovation,' where technology or ideas transcend corporate and industrial sectors.

According to Woori Financial Group on the 25th, Woori Bank recently carried out a collaborative project with 'Banpeu.' Banpeu is a company developing a system that enhances the safety of tires required for autonomous trucks. The system was applied to cash transport vehicles to collect real-time data on tire and road conditions, supporting a testbed to prevent accident predictions in advance.

They plan to establish a subscription service with 'Dama,' a premium gim (seaweed) manufacturer. Woori Bank, which started a MyData subscription service in February last year, plans to launch a regular gim subscription service within the first half of the year.

Woori FIS has been conducting on-site technical verification since November last year with 'Elpin' to eradicate financial crimes attempting illegal identity verification through prepaid phones. Elpin is also a tech company pioneering new authentication areas by utilizing smartphone location elements. When financial criminals attempt unauthorized access via prepaid phones, location information helps prevent incidents. Woori FIS is currently discussing the models and target channels to be applied in future services.

A Woori Financial Group official stated, "We are attempting collaboration with DinoLab (startup cooperation program) companies to promote group digital super-innovation and establish new growth engines," adding, "We will create synergy with DinoLab companies that can build an innovative DNA with Woori Financial."

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