Woori Bank has been selected as Korea East-West Power's dedicated bank for research and development funds and will build an integrated system to manage the entire process from spending to supporting documents and settlement.

Woori Bank said on Sept. 11 it signed an agreement with Korea East-West Power on Sept. 10 to build and operate an integrated management system to innovate research fund management and enhance transparency.

Under the agreement, Woori Bank will build a customised integrated research fund management system for Korea East-West Power by the end of this year based on its in-house research fund management system, the Woori Innovation Resource Information System (W-IRIS). The system will be applied gradually starting with new R&D projects next year.

W-IRIS supports the entire process for research institutions that receive government subsidies, from the use and inquiry of research funds to settlement and accounting audits.

Once the new system is introduced, users will be able to check the status of research fund spending in real time from the project implementation stage. The use and inquiry of research funds, supporting documents and settlement will also be managed in an integrated way within a single system.

It will also pursue plans to standardise the research fund management system so it can be applied to other power generation public enterprises in the future.

Jo Se-hyeong (조세형), executive vice president and head of Woori Bank's Institutional Group, said, "We will support innovation in Korea East-West Power's research fund management by combining our experience in fund management for public and research institutions with our digital capabilities."