Sohn Tae-seung Establishes ‘Dino Lab’ Startup Incubator
Son Tae-seung, chairman of Woori Financial Group, launched the startup training program ‘DinnoLab’ this year to promote startups as a dinosaur company, and is conducting various digital innovations.
The company is building a startup pioneer base with ‘two tracks’ by adding ‘Developer Lab’ to the existing Wavipin Tech Lab.
According to the financial sector, 16 companies selected for public offering in March are moving to Dino Lab and receiving office space support.
The startups selected for the 4th WIPINTECH Lab were selected from various fields such as Al Spirit, Zero One AI, Turtle Ship Company, Innodia Fintech Solutions, Private Futures, SMC Solution, and various fields such as data analysis, payment, and e-commerce.
Developer Lab has selected 10 startups including May Eye, Mosaic, Sysmatic, TEEware, ATsoft, and Blueprint Lab.
In particular, the newly developed Developer Lab will be the first testbed center in the financial sector. DeveloperLab works with Amazon Web Service to provide cloud development environments, financial APIs, and technical advice to all companies participating in DinoLab.
The company plans to ‘Win-Win’ through collaboration with WIPINTECH TECH and Developer Lab startups and the support needed to grow startups.
Open APIs were also opened to enable startups to leverage technology to deliver innovative services. Woori Bank announced that it will open an open API developer portal to fully support startups to create innovative finance cases.
It is developing services using open APIs such as Bank Salad, Getcha, Wing, Office, Lotte Duty Free, and iQuest.
Rainyist, who runs an asset management app Bank Salad, will develop a service that allows you to view and apply for Woori Bank credit loan limit and interest rate in the Bank Salad App. Plan.
The real estate app’s department directly plans to receive loan counseling from the Woori Bank real estate loan limit inquiry after real estate inquiry.
Lotte Duty Free is developing a duty-free shop that allows customers who are going to leave the country from the Duty Free app so that they can apply for currency exchange by depositing a virtual account.
Iquest, an ERP company for SMEs, is promoting cloud type ERP to provide API type CMS services such as Woori Bank account inquiry and fund transfer to address companies.
For Dino Labs, it plans to support financial startups in various forms, such as supporting overseas expansion of companies in connection with global IT companies. The scale of investment in innovative companies has also increased significantly.
Chairman Son Tae-seung will support investments worth KRW 2.1 trillion over the next five years.
In addition to Woori Securities and Woori PE Asset Management, Woori Bank is implementing three types of innovative growth support programs: direct investment of innovative growth companies, creation of group-led innovation growth funds, and indirect investment of government-led innovation adventure funds.
Woori Finance plans to directly invest 100 billion won in innovative growth companies for five years. The company plans to invest up to 1 billion won in each company in various ways, including stocks, convertible bonds, and debentures.
As of end-March, 19 companies directly invested in Woori Bank, amounting to W18bn. The industries invested are artificial intelligence, IoT, smart devices for the disabled, fintech, semiconductors, software, medical / bio and service / distribution.
In the future, in the 4th Industrial Revolution and 5G era, additional investment attraction and management consulting will be invested in not only fintech and software sectors, which can create synergy with banking industry, but also startups in industries such as manufacturing, semiconductor, e-commerce, medical and biotechnology. It will arrange and link the back.
The company will launch a KRW 3 trillion ‘Worry Innovation Growth Fund’ to raise 100 billion won by 2021.
An official of Woori Financial Group said, “It is significant in that it is a fund in which major affiliates of Woori Financial Group participate.” “We will contribute to productive finance by supporting companies with innovation and growth through Woori Innovation Growth Fund.” .
There are also examples of successful fintech companies with Woori Bank investment.
AI Financial Platform, EigenGlobal, received investment from Woori Bank in its second year. Woori Bank has been selected as the designated representative by the Financial Services Commission and is introducing ‘AI Delinquency Prediction Platform’ using AI technology.
‘AI Delinquency Prediction Platform’ is a program that predicts delinquency and customer loyalty and calculates loan limit or interest rate based on this.
In February, EgenGlobal was selected as a ‘Plug and Play’ company that fosters ventures by investing in global companies such as Google, PayPal and Logitech.
By Jeon Hak-kyung, reporter
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