Woori Financial Group to Promote Comprehensive Innovation to Boost IT Competitiveness

Woori Financial Group announced on July 11 that its affiliates — Woori Bank, Woori Card, and Woori FIS — will join forces to promote intensive innovation to strengthen their IT competitiveness.

Woori Financial Group has been operating its group IT services by outsourcing work to Woori FIS in order to expand synergies among group affiliates through integrated IT system management.

However, as its business environment has recently changed to become more digitally oriented, Woori Financial Group will actively respond to market demands and a speedy transition to a system where major IT development and operation tasks are performed directly by Woori Bank and Woori Card for a faster digital transformation.

At the same time, Woori Financial Group will strengthen its IT capabilities by shortening the development period of digital services, expanding the recruitment of new technology experts such as AI and cloud specialists and increasing the proportion of direct development.

“The internalization of IT capabilities is needed to strengthen Woori Financial Group's IT competitiveness,” Yim Jong-yong, chairman of Woori Financial Group. “In the process of promoting innovation, we will speed up the pace of innovation through communications with employees such as the CEOs of Woori Bank, Woori Card and Woori FIS.”

Woori Financial Group will run a joint task force with the goal of beginning the internalization of IT capabilities and a separate organization will be formed to monitor IT stability to minimize risks that may arise during the process.

Woori Financial Group’s Woori Financial Future Foundation holds a donation ceremony for “Woori Hero Soldiers” on June 19 with the attendance of Jang Kwang-ik, vice president of Woori Financial Group and Park Jung-hwan, chief of staff of the Korean Army. (Photo: Woori Financial Group)

Helping Treat Trauma Suffered during Military Service

Woori Financial Group's Woori Financial Future Foundation announced on June 29 that it will launch the Woori Hero Trauma Healing Project for former and current military service members and their families who suffer from traumas which they experienced during their military services.

The Woori Hero Trauma Healing Project aims to support the heroes of our society who have sacrificed their lives to save others.

Some former soldiers were exposed to trauma but do not recognize it, or they may be suffering from it but not know how to solve or cope with the problem.

Through the Hero Trauma Healing Project, the Woori Financial Future Foundation will provide a comprehensive support system from identifying and treating targets to paying medical expenses together with the Korea Mental Health Foundation composed of mental health doctors and specialists.

Applications should be made by November 30, 2023. The Woori Financial Future Foundation will select 100 recipients among the applicants after a deliberation.

The recipients will be given up to 2 million won in support funds.

Separately, Woori Financial Future Foundation donated 700 million won to the Korean Armed Forces on June 19 in honor of Veterans’ Month of June.

Woori Financial Group holds a donation ceremony with the Community Chest of Korea at Geumgang School in Guro-gu, Seoul. (Photo: Woori Financial Group)

Donation to Alternative School for North Korean Defectors’ Children and Teenagers

Woori Financial Group announced on June 21 that it held a ceremony in honor of its donation to Geumgang School in Guro-gu, Seoul, an alternative school for North Korean defectors’ children and teenagers with the Community Chest of Korea on June 16.

The donation was organized as part of a project to support alternative schools for vulnerable children. Geumgang School will use the donation to support students' needs, such as providing meals, repairing school facilities and purchasing books for students.

In particular, the school will provide balanced meals for students living in dormitories, and special meals and snacks for students by using the donated funds.

Established in 2013, Geumgang School is an alternative school that provides education for North Korean defectors’ children and teenagers to improve their academic ability and achievements and provides 24-hour care for them in place of their working parents.