The Industrial Bank of Korea (IBK) has teamed up with a platform managed by Naver’s Cloud affiliate for digital innovation and development of Fintech-related services, the state-run bank confirmed on December 23, 2020.
Through the partnership, both organizations will aim to enhance their Cloud and artificial intelligence (AI) capabilities, the IBK stated. In order to keep pace with each other’s activities and operations, both organizations intend to establish a proper communication channel. This should help them with effectively using Naver’s technologies to streamline banking.
Discovering and recommending Fintech startups or related initiatives will also be a key priority moving forward for both organizations, the announcement noted. The selected companies may take part in IBK’s Fintech startup testbed program, called “IBK First Lab.”
Established in 2019, the Fintech program aims to assist startups with implementing their proof of concepts so that they can complement the bank’s existing products and overall business strategy. As reported by the Korean Herald, local businesses, individuals, universities and think tanks are all invited to submit applications to take part in this initiative..
The program participants will be able to access Naver’s Cloud services and special technology consulting services. The Naver Cloud Platform is managed by the Naver Business Platform, an affiliate of South Korea’s Internet portal operator, Naver.
The platform’s developers have been working with local companies this year by allowing them to use its Cloud services.
In October 2020, the platform teamed up with NH NongHyup Bank, an established commercial lender in Korea, in order to offer its public Cloud system for mobile financial services.
An IBK representative stated:
“Through the new cooperation, the development of innovative financial products and services along with healthy relationships with innovative firms will be carried out. We hope this would be a successful precedent of a cooperation between a bank and a fintech firm.”