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Finance

Woori Bank to expand financial support for medical device firms with preferential guarantee terms

Woori Bank will expand financial support for medical device companies through cooperation with the Korea Medical Devices Industry Association and the Kibo Technology Fund. The bank said it signed an agreement on Sept. 14 to support the sector’s social value expansion. Eligible companies will receive preferential terms such as higher guarantee ratios and reduced guarantee fee rates to lower financing costs. The initiative will be linked to an existing strategic-industry guarantee program.

Finance

MyData market expands as Korea faces impact of consecutive base rate hikes

Korea\'s financial MyData service is set to expand beyond individuals to sole proprietors and small merchants, evolving from simple data checks to executing financial tasks. The Financial Services Commission plans to broaden the right to request transmission of credit information and to introduce a \"My AI agent\". Separately, the Bank of Korea has raised its base rate for a second straight month, adding to upward pressure on loan rates and borrowers\' interest burdens.

Finance

Woori Bank, Kibo to provide 1 trillion won for semiconductors, physical AI and AI data centres

Woori Bank will provide financial support worth about 1 trillion won for future strategic industries including semiconductors, physical AI and AI data centres, together with the Korea Technology Finance Corp. Woori Bank said it signed a K-SPARK agreement with Kibo. Under the deal, Woori Bank will contribute special funds and support for guarantee fees to Kibo to finance loans for small and venture firms with technological capabilities and growth potential.