NongHyup opens biggest innovation center

The Korea Times

The Korea Times

Finance

Sun, October 1, 2023 | 18:59

Economy

NongHyup opens biggest innovation center

Posted : 2019-04-08 16:06

Updated : 2019-04-08 21:20

Financial Services Commission Choi Jong-ku, third from left, cuts a ribbon with NongHyup Financial Group Chairman Kim Gwang-soo, third from right, NongHyup Bank CEO Lee Dae-hoon, second from left, and other officials open NongHyup's innovation center in Yangjae-dong, Seoul, Monday. Courtesy of NongHyup Financial Group

By Park Hyong-ki

NongHyup Financial Group has opened the industry's biggest innovation campus that encompasses research and development, and fintech startup centers, the holding company said Monday.

The fintech center will house more than 30 startups that will develop and commercialize their own business ideas, using technologies such as artificial intelligence, data analysis and blockchain.

They will also work with NongHyup Bank to connect with its interface to create low-cost mobile financial services.

The innovation campus will be the "control tower" of NongHyup Financial and its subsidiaries' digital transformation, Chairman Kim Gwang-soo said at an opening event in Yangjae, Seoul.

It will provide a full service to startups to attract investors for their projects.

"This will be the center of our financial ecosystem that will help digitally transform NongHyup and create startup unicorns," Kim said.

Financial Services Commission (FSC) Chairman Choi Jong-ku said local fintech centers such as NongHyup's will be "at the forefront in innovation."

The chairman added the center housing 33 startups will work with the group to increase customer convenience in digital payments through an open interface system.

The FSC recently urged local financial holding companies to further open and make their interface systems available for financial technology startups.

Under an open interface environment, customers can use any single banking application to access their accounts and make financial transactions.

The 2,080 square meter innovation center also plans to have 1,000 data scientists to develop a "total data platform" by 2020.

The platform will be accessible for use by all Nonghyup subsidiaries so they can create and provide distinct services tailored to customers' needs, it added.

Chief Digital Officer Nam Yeong-su said it was important to make "changes" to its organization prior to pursuing future digital projects for the next generation of customers.

The chairman said NongHyup's center will help make that happen and find new growth opportunities both at home and abroad, especially in Southeast Asia.

This is in line with efforts to achieve the group's annual profit target of 1.5 trillion won ($1.3 billion) by the end of the year.

hyongki@koreatimes.co.kr