Woori Bank Joins 'AI One Team' as First in Banking Sector... Strengthening Digital Finance Competitiveness

Strengthening AI Financial Innovation through KT Partnership and Joining AI Industry-Academic-Research Consortium 'AI One Team'
CEOs of Both Companies Collaborate on Developing New AI-Driven Financial Services and AI Talent Development

Kwon Kwang-seok (left), President of Woori Bank, and Koo Hyun-mo (right), CEO of KT, are posing for a commemorative photo.

[Asia Economy Reporter Kwangho Lee] Woori Bank announced on the 21st that it has signed a "Business Agreement for AI No.1 Korea" with KT to strengthen its digital financial competitiveness by integrating artificial intelligence (AI) technology. With this agreement, Woori Bank has also joined the "AI One Team," which is the first in the banking sector and includes leading domestic industry-academia-research collaborations.

The signing ceremony held the previous day was attended by key officials from both companies, including Kwon Kwang-seok, President of Woori Bank, and Koo Hyun-mo, CEO of KT. They agreed to continue cooperation in various fields such as developing financial services using AI and nurturing AI talent.

Launched in February last year, the AI One Team includes KT, Hyundai Heavy Industries Group, LG Electronics, LG Uplus, Korea Investment & Securities, Dongwon Group, Hanyang University, Korea Advanced Institute of Science and Technology (KAIST), and Electronics and Telecommunications Research Institute (ETRI). With Woori Bank joining for the first time in the banking sector, they plan to accelerate joint research and development (R&D) and business cooperation in the financial AI field.

Woori Bank plans to collaborate with the companies and institutions participating in the AI One Team to promote ▲ innovation in financial services using AI technology ▲ joint research on new AI technologies specialized for finance ▲ and the cultivation of financial AI talent.

President Kwon Kwang-seok stated, "With the development of AI technology, things that were unimaginable in the past are becoming reality. Woori Bank will collaborate with the best domestic companies and institutions participating in the AI One Team to provide customers with differentiated financial services that have never existed before, and furthermore, we will do our best to strengthen the AI competitiveness of the domestic financial industry."