KT Forms Strategic Alliance with 'Gyeongrinara' Webcash to Launch Financial Platform 'Il'

Financial Know-How and Fintech Synergy
"Leading the Digital Transformation Market"
KT Gyeongrinara Scheduled for September Release
Expanding Collaboration in AI and Big Data

[Asia Economy Reporter Minyoung Cha] "KT Group will lead the financial digital transformation (DX·Digital Transformation) market based on the synergy between KT's financial know-how and specialized fintech companies like Webcash." (Koo Hyun-mo, CEO of KT)

Since declaring its leap to a 'digital platform company (Digico),' KT has been strengthening its alliance with fintech companies. It is making a strategic partnership along with a 23.6 billion KRW equity investment with Webcash Group, the nation's top enterprise fintech specialist. Following the partnership with BankSalad in April, KT is expanding its footprint in the financial platform market through collaborations with external companies.

Partnership with Webcash, the First Fintech Company Listed on KOSDAQ

On the 17th, KT announced that it signed a strategic equity investment and a business-to-business (B2B) financial business cooperation agreement with Webcash Group. The signing ceremony took place at KT’s Gwanghwamun East building, attended by CEO Koo and Webcash Group Chairman Seok Chang-gyu.

Webcash is a familiar B2B financial platform known for the country's first bookkeeping specialized program, 'Gyeongrinara.' In January 2019, it became the first domestic fintech company to enter the KOSDAQ market. Webcash Group, founded by Webcash, includes companies such as Kukon, a business data platform company; Bizplay, which provides paperless expense management solutions; and Roam IT, which operates the small business platform SemoJangbu.

KT CEO Koo Hyun-mo (right) and Seok Chang-gyu, Chairman of Webcash Group, are posing for a commemorative photo on the 17th after signing a strategic equity investment and business-to-business (B2B) financial business cooperation agreement. Photo by KT

To build a strategic collaborative relationship, KT is investing a total of 23.6 billion KRW in three companies within Webcash Group: Webcash, Bizplay, and Roam IT. In April, KT made a 25 billion KRW equity investment during BankSalad’s Series D funding round, a B2C financial company. By partnering with Webcash Group, a B2B specialized platform, KT is further expanding the scope of its financial platform.

Fintech Growing 22% Annually

This partnership reflects expectations for the fintech market’s growth. According to German market research firm Statista, the fintech market has recorded an average annual growth rate of 22.4% over the past six years. With companies accelerating DX, the B2B fintech market is also expected to expand significantly. KT launched its B2B brand ‘KT Enterprise’ last year and has been actively targeting the related market.

The two companies will combine KT’s platform technologies such as ABC (Artificial Intelligence (AI), Big Data, Cloud), wired and wireless infrastructure, with Webcash Group’s corporate fintech services to introduce new customized platform services tailored by company size and industry. CEO Koo stated, "Based on Digico KT’s capabilities, we will expand a differentiated platform market and enhance corporate value through various collaborations." Chairman Seok also expressed expectations, saying, "The collaboration between Korea’s largest platform company KT and the No.1 B2B fintech company Webcash will produce remarkable win-win effects in the enterprise market."

Webcash Group plans to launch advanced services ‘KT Gyeongrinara’ and ‘KT Bizplay’ by integrating KT’s AI and cloud technologies with its existing Gyeongrinara and Bizplay services. KT Bizplay has already completed its web and app service configuration based on KT Cloud as of May. KT Gyeongrinara will be released as a cloud-based service in September. ‘KT SemoGage,’ a service for small business owners, will also be introduced this month.

From AI to Marketing and Big Data Integration

KT will add an AI-based ‘Avatar’ solution using Giga Genie Inside to these two services. For example, if a client’s management asks via a dedicated mobile app, "What is the current cash status?" by voice, the system analyzes the requested data and displays it on the screen. KT is reviewing ways to automate repetitive management tasks using Robotic Process Automation (RPA) and to link with the KT messaging platform. Furthermore, the services will be launched as SaaS products based on KT Cloud, offering various versions tailored to user needs. This month, a service linking Webcash Group’s small business management platform SemoJangbu with KT’s big data-based commercial district analysis platform Jalnagage will be launched. Later, it will evolve into an integrated digital platform for small businesses by connecting KT and KT affiliates’ SOHO products such as AI call assistants.

In the future, business channels will also expand into marketing cooperation and big data fields. For startup customers, KT’s communication and platform services will be offered together with Webcash’s Gyeongrinara as a ‘Startup Support Integrated Package.’ Additionally, KT’s big data platform services related to commercial districts, population, and tourism will be linked with Webcash Group’s systems.