Woori Bank signs MOU with Naver's Line

Woori Financial Group Chairman Sohn Tae-seung, right, and Line's Co-Chairman Shin Joong-ho after signing a memorandum of understanding on co-developing financial products and services incorporating artificial intelligence (AI), at the lender's headquarters in Seoul, Friday. / Courtesy of Woori Bank

By Kim Bo-eun

Woori Bank has signed a memorandum of understanding (MOU) with Line, a mobile messenger owned by portal giant Naver, the lender said Friday.

The MOU will see the two companies co-develop financial products and services that incorporate artificial intelligence (AI).

A taskforce of AI experts from the two companies will be established. Woori will utilize Line's AI platform Clova.

The taskforce will manage the entire process of studies on AI technology to developing new projects, the bank said.

“We expect bank services in which AI technology can be utilized to undergo groundbreaking changes,” a Woori Bank official said.