Woori Bank said on Jan. 15 it signed a business agreement a day earlier with the Korea Commercial Artificial Intelligence Software Association to help invigorate the commercial AI software industry. Under the agreement, Woori Bank plans to expand financial support in earnest for promising companies in the sector.

Commercial AI software refers to general-purpose package software that can be used immediately at industrial sites such as manufacturing, logistics and finance. The agreement was designed to provide systematic financial solutions for companies that have strong technology but struggle to secure funding at the research and development (R&D) and commercialisation stages.

Under the agreement, the two organisations will jointly push specific measures to expand the AI software ecosystem. These include providing tailored financial services such as guaranteed loans for innovative industries, supporting digital transformation based on the supply chain management platform OneBizPlaza, and offering financial consulting through BIZ Prime Centers.

Woori Bank, in particular, plans to improve access to finance by conducting matched consultations with association members using BIZ Prime Centers, its corporate finance-focused channel. It also plans to focus its productive finance on companies with both technological capabilities and growth potential. The bank plans to create a stable management environment so promising tech-based companies can focus on R&D and business expansion.

A Woori Bank official said, "The AI software industry is at the core of the country's future competitiveness." The official added, "Using this agreement as a starting point, we will spare no effort to support advanced strategic industry companies with potential so they can take the next step forward on the back of solid financial support."