[DigitalToday reporter Ji-young Lee] Woori Bank said on Thursday it signed a business agreement with the Korea Commercial Artificial Intelligence Software Association at its headquarters in Jung-gu, Seoul, to promote the spread of AI and strengthen financial and industrial cooperation.

The agreement was designed to expand the use of AI and software technologies in public and institutional finance and build a cooperation framework linking finance and technology to push digital transformation and AI transformation more efficiently.

Under the agreement, the two organisations plan to pursue joint development of AI-based services for public institutions that combine finance and administration, speed up digital transformation and AI transformation linked to finance and administration, and cooperate in core technology fields including data analysis, automation and security. The goal is to build an AI-based operating environment that improves work efficiency and service quality across public and institutional finance.

The association will support technical advice and match participating companies based on AI and software technology trends and its member network. Woori Bank will use its institutional finance customer network and financial expertise to oversee planning of AI-based financial services and working-level cooperation. The two organisations also plan to take part in various joint projects for public institutions, local governments and educational institutions.

Eo Yun-ho (어윤호), chairman of the Korea Commercial Artificial Intelligence Software Association, said the agreement would make Woori Bank's financial and institutional infrastructure an important channel for spreading AI and software technologies and produce AI innovation cases that can be felt in the public and financial sectors.

Cho Se-hyung (조세형), executive vice president of Woori Bank's institutional group, said cooperation with an association representing the domestic AI software industry would allow the bank to pursue digital innovation in the public and financial sectors with greater speed. He said the bank would combine strong AI and software technology with the bank's financial infrastructure to provide customers with convenient and smart financial services.