Woori Financial Group to Create Busan Start-Up Ecosystem, Vitalizing Local Economy

[Field News = Reporter Kim Dae-seong] Woori Financial Group announced on the 9th that it has signed a business agreement with Busan City to revitalize the local economy.

This marks the fourth time Woori Financial has stepped forward to support startups and revitalize the local economy through cooperation with local governments, following Chungcheongbuk-do (November 2023), Gyeongsangnam-do (December 2023), and Jeollabuk-do (June 2024).

Through this agreement, they plan to contribute to creating the startup ecosystem and revitalizing the economy in the Busan area by △creating startup infrastructure △providing financial support to startups and SMEs △supporting the digital transformation of SMEs.

Woori Financial will install the Busan 'DinoLab B-Center (Busan+Blockchain)' on the Eurasia Platform to provide customized programs for startups, ranging from discovery to nurturing and advancement of promising startups.

Starting from the 17th of this month, they plan to select 10 Busan-based startups related to finance, such as fintech and blockchain, and provide all-around support including investment linkage, mentoring/consulting, network linkage, and provision of dedicated office space.

DinoLab is Woori Financial's startup cooperation program that provides office space, business cooperation, and investment attraction opportunities.

In addition, they will provide financial services such as dedicated products to Busan area 'Glocal (Global+Local) Startups' and support the overseas market entry of Busan-based companies by linking with the 'DinoLab Vietnam Center' opened in the Hanoi area of Vietnam.

Furthermore, they will support the digital transformation of Busan SMEs through 'WonBiz Plaza', the first supply chain finance platform in the financial sector, and will strengthen financial support for Busan area startups and excellent companies through specialized branches such as the Busan/Yangsan BIZ Prime Center scheduled to be newly established in 2025.

WonBiz Plaza is a platform where medium-sized and small enterprises can perform purchasing tasks and collaborate with partners at no cost.

Lim Jong-ryong, Chairman of Woori Financial Group, stated, "Busan is the second-largest city in South Korea, a land of change and opportunity where the ecosystem of future new industries and the scent of culture and art coexist," and added, "Woori Financial will continuously strengthen its cooperative relationship with Busan City and create synergy to provide unstinting support so that Busan City can become a new growth axis for South Korea."