IBK Industrial Bank and KT Sign Business Agreement to Jointly Promote Digital New Business

Promoting Synergy through Financial and ICT Convergence

[Asia Economy Reporter Jin-ho Kim] IBK Industrial Bank of Korea announced on the 4th that it signed a "Business Agreement for Supporting Innovative Companies and Joint Promotion of Digital New Businesses" with KT at the IBK headquarters in Euljiro, Seoul.

Through this agreement, both parties agreed to ▲ jointly discover, invest in, and nurture future growth industries and innovative companies ▲ cooperate in discovering and developing new businesses based on digital technologies such as artificial intelligence, big data, and cloud ▲ establish an organic cooperation system to jointly support small and medium-sized enterprises (SMEs) and small business owners.

The two companies plan to expand venture capital investment in promising SMEs and venture companies entering new industrial fields by creating a joint fund worth 40 billion KRW. They also agreed to strengthen mutual cooperation in the cultural content sector by jointly discovering and investing in excellent content projects and production companies.

In the digital new business sector, they will utilize digital technologies to develop AI bankers and build the IBK metaverse. Additionally, they will jointly research the collection, combination and utilization plans and commercialization plans of data related to SMEs.

Yoon Jong-won, President of IBK, stated, "This meaningful cooperation model will contribute to inclusive growth of the national economy by supplying venture capital to promising innovative companies and supporting the smart transformation of SMEs and small business owners, while securing future competitiveness for both parties through discovering new businesses utilizing digital new technologies."