By Yi Whan-woo
Woori Bank will spend 10 billion won ($7.7 million) on 10 promising startups that it plans to support through an open contest, the lender said Sunday.
The bank said it will start receiving applications from Aug 8 to 19 from any startup that has potential for innovation and growth and is also interested in receiving funding.
A total of 10 companies will be selected by December through evaluations on technological advancement, business prospects and other criteria.
The bank will invest 1 billion into each of the 10 promising startups. The money will be raised through redeemable shares or RCPS, which refer to preferred stocks that the issuing company may trade for cash.
The country's fourth-largest bank has been active in supporting startups, as seen from an 80.7 billion won investment into 83 small- and medium-sized enterprises (SMEs) through nine contests under the broader strategy of nurturing growth engines in the Fourth Industrial Revolution.
Some sources say that the bank is leaning toward nurturing startups on its own in the long term, to cope with a rapidly-changing banking environment where digital technology is critical for growth.
The lender's parent company, Woori Financial Group, has been diversifying its business portfolio after ending 23 years of government-led ownership and undergoing privatization in late 2021.
Woori Bank will spend 10 billion won ($7.7 million) on 10 promising startups that it plans to support through an open contest, the lender said Sunday.
The bank said it will start receiving applications from Aug 8 to 19 from any startup that has potential for innovation and growth and is also interested in receiving funding.
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| Woori Bank's headquarters in central Seoul / Courtesy of Woori Bank |
The bank will invest 1 billion into each of the 10 promising startups. The money will be raised through redeemable shares or RCPS, which refer to preferred stocks that the issuing company may trade for cash.
The country's fourth-largest bank has been active in supporting startups, as seen from an 80.7 billion won investment into 83 small- and medium-sized enterprises (SMEs) through nine contests under the broader strategy of nurturing growth engines in the Fourth Industrial Revolution.
Some sources say that the bank is leaning toward nurturing startups on its own in the long term, to cope with a rapidly-changing banking environment where digital technology is critical for growth.
The lender's parent company, Woori Financial Group, has been diversifying its business portfolio after ending 23 years of government-led ownership and undergoing privatization in late 2021.
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