WebCash has won an 8.72 billion won digital banking overhaul project for IBK Industrial Bank of Korea. It will build a digital platform, global banking and artificial intelligence-based banking services as part of a consortium with LG CNS and Finger.

WebCash said on Tuesday it signed a supply contract with IBK System for the first phase of the “IBK Digital Banking Rebuilding” project.

The project is the first step in a three-stage roadmap to revamp IBK Industrial Bank of Korea’s digital banking. A key goal is to lay the groundwork for expanding services and building follow-up platforms.

WebCash formed a consortium with LG CNS and Finger to take part in a competitive bidding process. The scope includes building a digital platform, rebuilding “i-ONE Bank Global” and developing AI banking services.

After declaring last year that it would transition into a financial AI agent company, WebCash has applied AI functions to its existing cash management solutions and is expanding its business for financial institutions.

It recently signed a contract to build NH NongHyup Bank’s “AI agent banking service” and then won the IBK Industrial Bank of Korea digital banking project.

WebCash CEO Won-joo Kang (강원주) said, “Based on our experience building financial services and our technological capabilities, we will implement a stable and scalable digital banking foundation.”