Woori Bank signed a business agreement on the Small and Medium-Sized Enterprise (SME) Retirement Pension Fund with the Korea Workers’ Compensation and Welfare Service (COMWEL) on Sept. 28.
The SME Retirement Pension Fund System stably pays severance benefits to employees when they retire by creating and operating a joint fund with contributions paid by workers of SMEs with 30 or fewer full-time employees and their employers.
By 2026, the system aims to reach 540,000 workplaces and about 11 trillion won. The signing ceremony was attended by Woori Bank President Lee Won-duk, Minister Employment and Labor Lee Jeong-sik and COMWEL Chairperson Kang Soon-hee, among others.
Since December 2010, Woori Bank has been performing as an asset management institution for the defined contribution (DC) system for retirement pensions of COMWEL.
This time, the bank was additionally selected as the principal bank for the SME Retirement Pension Fund System.
It will be responsible for disbursing retirement pension funds to workers from September 2022 to August 2026.
Honor for Woori Bank China
Woori Bank announced on Sept. 27 that Woori Bank China has been selected as the 2021 Excellent Institution in the Interbank Foreign Exchange Market held by the China Foreign Exchange Trade System (CFETS) under the People’s Bank of China.
In order to promote the healthy development of the interbank foreign exchange market in China, the CFETS reviews and announces excellent institutions annually among 757 member companies.
Woori Bank China was honored as an excellent institution for the sixth consecutive year in the category of excellent market makers for direct transactions of the Korean won and the Chinese yuan.
A “market maker” refers to a bank that provides market liquidity with the authority to announce exchange rates in the interbank market after receiving the authority from the People’s Bank of China.
The Korean won and the Chinese yuan direct trading market in China opened in 2016 and 15 banks currently have market maker qualifications. Woori Bank China is enjoying a 38 percent share.
Since its incorporation in 2007, Woori Bank China has over 600 employees working at 22 branches in major Chinese regions such as Beijing, Shanghai, Tianjin, Suzhou, and Shenzhen.
It is expanding its localized business base by launching platform-based non-face-to-face loan products for individual customers by partnering with a local e-commerce giant.
Biometric Airport-Linked Service
Woori Bank announced on Sept. 30th that it will implement a biometric authentication airport-linked service that allows you to check in for domestic flights only with biometric information (palm veins).
The service can be used when boarding domestic flights at 14 domestic airports. You can register palm vein information and apply for the service at Woori Bank branches and digital desks.
Customers who have previously registered palm vein information with Woori Bank can use it only by applying for the Airport Link Service at a branch.
This service is promoted in partnership with nine financial institutions including Woori Bank, Korea Airports Corporation and Korea Financial Telecommunications & Clearings Institute (KFTC).
Small Business Startup Academy
Woori Bank will hold the fourth class of the Small Business Startup Academy with Woori Bank and the Seoul Credit Guarantee Foundation for the successful foundation of prospective entrepreneurs at Woori Financial Digital Tower in Seoul for two days from Oct. 13 to 14.
The Small Business Startup Academy aims to reduce the failure rate of small businesses through education, and to prepare them for effective and successful startups. It was held three times this year, and 156 students completed the program.
The contents of the lectures are business plan preparations, commercial area analysis, SNS marketing, tax and labor law and startup support system necessary for prospective entrepreneurs. All training courses will be provided free of charge.
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