Woori opens API platform for startups

Woori Bank's open API platform / Courtesy of Woori Bank

By Park Hyong-ki

Woori Bank has opened an online platform where fintech startup entrepreneurs and engineers can use its bank's software tools and programs to build new digital services, the bank said Friday.

Woori's application programming interface (API) platform will also provide software guidelines, enabling startup engineers to make use of the programs and integrate them with their own technologies.

Fintech startups, for example, can develop digital services related to overseas money transfers, currency exchange and withdrawals, the bank noted.

Anyone can connect to the API and commercialize whatever fintech services they have created with the platform's tools.

"We will further share our tech resources with engineers and programmers, and make their future innovative services available via our WiBee Bank platform," said a Woori Bank spokesman.

Woori Bank held a tech conference in Seoul the same day to introduce its API platform to existing and potential startup partners.

This comes as the Financial Services Commission (FSC) has urged local financial holding companies to further open up and make their interface systems available not only for each other's banks, but also startups.

This is part of efforts to increase customer convenience in digital financial transactions.

Under the open interface, customers could also use any single banking application to access their accounts and make transactions.

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