Woori Bank launches DinnoLab for fintech

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Woori Bank launches DinnoLab for fintech


From left, AT Soft CEO Park Ho-sung, Financial Services Commission Chairman Choi Jong-ku and Woori Bank President Sohn Tae-seung celebrate the launch of DinnoLab at the Hanwha Finance Center in Yeouido, western Seoul, on Wednesday. [YONHAP]

DinnoLab, a fintech accelerator program created by Woori Bank, officially launched on Wednesday.

The program offers Amazon Web Service’s cloud system for companies to test their services.

“DinnoLab will provide support on all sides not only including office spaces and open API [application programming interface] but also providing test bed environments where companies will be able to test [their services] using the cloud,” said Woori Bank President Sohn Tae-seung on Wednesday.

DinnoLab is part of the bank’s digital strategy of opening and sharing, Sohn said.

“The bank’s network and infrastructure will be provided for free, while we will also hold training programs on the Amazon Web Service,” Sohn said.

This year, the bank plans to invest a total of 130 billion won ($114.6 million) in fintech companies, including 30 billion in new investments, and 100 billion won in so-called scale-up investments. Last year, the bank made 5.1 billion won in direct investments in fintech companies.

DinnoLab will offer free office space and management consulting that were previously provided by WiBee Fintech Lab since 2016. The newly established developer lab will provide technical consultation and testing programs including Amazon Web Service’s cloud.

In March, the bank invited companies to join its incubation program and selected 14. Financial Services Commission Chairman Choi Jong-ku, who attended the DinnoLab launch ceremony, welcomed Woori Bank’s investment in fintech companies.

“I have been told that DinnoLab is a word that not only combines digital and innovation but also encapsulates the hope of creating companies that could dominate the fintech ecosystem like a dinosaur,” Choi said.

“Since last year, the government has been working hard on fintech and innovative finance,” he added. “Conventional financial companies and fintech companies shouldn’t be in competitive relations but rather cooperative competitive relations.”

Choi said he hoped that innovative technologies and new ideas from fintech companies as well as high customer credibility of conventional financial institutions would result in creating positive synergy.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]
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