Woori Financial Group is a South Korean leading company in the financial services sector. Yesterday in a press release, it had announced its partnership with Kakao’s blockchain. (Kakao’s blockchain is a subsidiary of Ground X.) The objective of this partnership is to develop blockchain-backed financial services. The two companies have signed a business agreement on 20th August regarding the same, as per the press release.
The ceremony included eminent people such as Hwang Won-Cheol, Woori Financial Group’s Digital General Manager, Woori Bank’s Digital Financial Group, and Jae-Sun Han, CEO of Ground X. Ground X was established by Kakao and is affiliated to be a part of the blockchain industry. The platform is working towards making the blockchain more popular. It is doing so with the help of blockchain platform Klayton, which is also developed by Kakao. To work on the international level, the company is working with companies such as LG Electronics, Netmarble and Union Bank.
This agreement between the two companies will reap better financial services, and a ‘sustainable collaboration model through joint research.’ The company also intends to look into other domains such as different business models which include blockchain-backed services related to payment, and settlement. In this aim, Ground X can prove to be highly helpful for the Woori Financial Group. On this, Group X had the following to say-
We will make more secure and convenient blockchain-based financial services with Woori Financial Group based on the technology and know-how accumulated through clay development.
On the other hand, recently the Woori Bank has signed a blockchain-backed business agreement which is related to the ‘mobile electronic certification.’ This agreement is between six different companies which include- SKT, KT, LGU +, Samsung Electronics, KEB Hana Bank and Koscom. The purpose of this agreement was to expand the blockchain ecosystem and to bring about a transformation in the digital industry.
Kakao inaugurated Ground X in 2018 with a clear aim to promote the mainstream adoption of blockchain technology. This year, in a private coin offering the company, raised 90 million U.S. Dollars. In June, it also released the mainnet of its public blockchain platform- Klaytn.’
On the other hand, one of the official representatives from Ground X said that the company would develop-
[…] more secure and convenient blockchain-based financial services with Woori Financial Group based on the technology and know-how accumulated through KLAY development.
This month, Kakao hinted at the soon to be launched crypto wallet- ‘Klip.’ This crypto wallet will be developed by Ground X. As per sources, this wallet will offer interesting services related to finance, games, content, and it will also offer storing feature of KLAY and Klaytn backed crypto tokens.
Woori Bank has been quite active in forming partnerships with various companies lately and is trying to work strongly on the development of blockchain-backed identification platform. For instance, last month, the company partnered with Samsung Electronics, SK Telecom, KT, LG UPlus, KEB Hana Bank, and KOSCOM.