[Asia Economy Reporter Kim Hyo-jin] Woori Financial Group announced on the 2nd that it has selected 15 companies to participate in its startup incubation program, Dino Lab (Digital Innovation Lab).
This year, 187 startups from various fields applied to Dino Lab. In preparation for the 'post-COVID' era, many startups possessing untact (contactless) technologies such as smart electronic contract technology and non-face-to-face identity verification solutions applied, attracting significant attention from the judges.
After screening, startups with open innovation technologies such as a real estate platform (Prop Tech) providing apartment information content, a near-field communication (NFC Tag) payment solution applicable to iPhones, and a digital asset management platform were finally selected.
On the 15th of last month, Woori Financial Group newly announced its group digital vision (Digital for Better Life) and launched the control tower 'Digital Innovation Committee,' jointly led by Chairman Sohn Tae-seung and Woori Bank CEO Kwon Kwang-seok.
Centered on the Digital Innovation Committee, Woori Financial Group plans to expand and reorganize Dino Lab as a group joint project, strengthening collaboration between group companies such as Woori Bank, Woori Card, Woori Finance, Woori FIS, and startups with the renewed Dino Lab. Additionally, they plan to create synergy by housing the startups in the newly opened Dino Lab Integrated Center next month, alongside Woori Financial Group’s in-house venture teams.
A venture investor who participated as an external judge commented, "I could feel Woori Financial Group’s determination to discover new business models through collaboration with innovative startups," and added, "I look forward to the future of Dino Lab, which all group companies actively participate in."
Meanwhile, Woori Financial Group is creating tangible synergies with Dino Lab nurtured companies, including nine business introductions and direct investments totaling 10.5 billion KRW. In April, they signed a joint marketing agreement with Dino Lab partner Korea Credit Data to support small business owners, continuing various collaborations.
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