Woori Bank Signs Financial Support Agreement for Tech Valley Companies with Korea Technology Finance Corporation

[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 28th that it signed a business agreement with the Korea Technology Finance Corporation (KOTEC) on the 25th at KOTEC's Seoul Office in Yeouido, Seoul, to strengthen the competitiveness and support the sustainable growth of Tech Valley companies. The signing ceremony was attended by Seo Dong-rip, Head of Woori Bank's SME Group, and Kim Young-choon, Director of KOTEC.

Tech Valley companies refer to startups founded based on excellent technologies developed by KOTEC partner institutions such as universities, research institutes, and large corporate research centers.

This agreement is the first business agreement in the financial sector to provide financial support and professional consulting to Tech Valley companies. It involves cooperation with KOTEC to offer not only financial support but also consulting and overseas expansion support for Tech Valley companies.

Woori Bank will support an annual guarantee fee reduction of 0.4 percentage points for two years if a Tech Valley company qualifies for KOTEC's guarantee fee support agreement. Additionally, it will provide free professional consulting in areas such as taxation and finance, and plans to support local financing in the respective countries when these companies expand overseas, based on Woori Bank's global network.

Seodong Rip (right), Head of the SME Group at Woori Bank, is taking a commemorative photo with Kim Youngchun (left), Director of the Korea Technology Finance Corporation.