Woori Bank will provide a payment and settlement service specialised for the pharmaceutical distribution market.

Woori Bank said on June 18 it signed a business agreement with Saero MS, operator of the pharmaceutical platform Saeropharm, and electronic payment agency Korea Payment Networks.

The agreement was 추진됐다 to combine Korea Payment Networks' payment infrastructure with Woori Bank's WooriSAFE settlement service to manage transaction funds safely during pharmaceutical distribution.

Woori Bank plans to expand links with other platforms in the pharmaceutical distribution market and increase the scale of settlements based on the agreement.

It also plans to expand the service beyond online transactions into the offline payments market for pharmacies and hospitals.

It will also enhance payment convenience. Woori Bank's Samsung Wallet Money service will be integrated into the pharmaceutical payment process on Saeropharm, which is operated by Saero MS.

Jung Eui-chul (정의철), head of Woori Bank's Digital Sales Group, said the move aims to build a safe and efficient financial infrastructure for the pharmaceutical distribution market beyond simple payment processing. He said the bank will continue cooperation with platform and fintech companies to create a shared-growth financial ecosystem.