IBK, Selects 8 Companies for the 2nd Cohort of 'IBK First Lab'

Innovative Technology and Idea Testbed... Collaborating with Innovative Companies for Joint Projects

[Asia Economy Reporter Park Sun-mi]IBK Industrial Bank announced on the 18th that it has selected eight companies to participate in the 2nd batch of the open innovation testbed ‘IBK 1st Lab (First Lab)’.

IBK First Lab is a testbed that verifies whether the innovative technologies and ideas possessed by participating companies can be integrated into the bank’s products, services, and business processes, and then proceeds with commercialization. The bank plans to test various ideas and technologies from participating companies related to financial innovation, such as digital transformation of SME finance, strengthening personal information protection, and improving customer experience at face-to-face channels.

The companies selected for the 2nd batch are ▲Crepas Solution ▲Sustainable Power Plant ▲First Experience Charging Station ▲Mesacure Company ▲Elfin ▲Crypto Lab ▲Wave Ridge ▲Directional. A representative from IBK said, “We will continue rapid verification and organic collaboration to ensure that innovative technologies and ideas can be launched as official services.”

Meanwhile, since its launch in September 2019, IBK First Lab has tested a total of 18 fintech innovative technologies. It has developed the ‘AI Real Estate Automatic Screening System’ (in collaboration with Tanker Fund), which can complete loan screening within 3 minutes, and the ‘Digital Identity Verification Service’ (in collaboration with InfoSonic), designated as an innovative financial service by the Financial Services Commission.