Maximizing Expertise as the Only MyData Operator Among Savings Banks
Welcome Savings Bank announced on the 12th that it had signed a strategic business partnership agreement with Baerae, a blockchain fintech company, on the 10th to jointly promote embedded financial services.
Seong Eun Lim, Director of Digital Business Division at Welcome Savings Bank (right), and Jeonghyun Kim, CEO of Baerae, are taking a commemorative photo after signing a business agreement on the 10th. Welcome Savings Bank
Welcome Savings Bank explained that it plans to maximize its expertise as the only company in the industry to have obtained full authorization for the MyData business and to have led the way in digital finance.
Baerae, as an innovative fintech company developing cutting-edge decentralized wallets and passkey authentication technologies such as 'ZKAP Wallet,' expects to generate significant synergy through this agreement.
The two companies have set a goal of providing customers with safer and more innovative financial experiences based on their proven expertise.
Under the agreement, Baerae's customers will be able to access a variety of non-face-to-face financial services from Welcome Savings Bank in a one-stop manner within the ZKAP platform.
Specifically, MyData-based financial features from Welcome Savings Bank, such as non-face-to-face personal account opening, account inquiry, fund transfers, and asset inquiry, will be embedded within the ZKAP platform.
In particular, Welcome Savings Bank will provide its MyData-based financial features to the Baerae platform in the form of BaaS (Banking as a Service).
Through this, the company aims to create new sources of non-interest income.
Welcome Savings Bank also plans to enhance user convenience for both platforms by integrating Baerae's blockchain technology and services into its flagship digital platform, Welcome Digital Bank (Welbang).
Seong Eun Lim, Director of the Digital Business Division at Welcome Savings Bank, said, "Through our collaboration with Baerae, we are very encouraged to expand Welcome Savings Bank's proven digital financial capabilities to different platforms. This partnership will not only expand customer touchpoints and create new revenue models, but also serve as an opportunity to set a new standard for digital finance among savings banks."
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