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Woori Bank Joins Hands with Fintech Firms in Bangladesh

Woori Bank announced on Feb. 26 that it has signed a partnership agreement with two Bangladesh companies as part of efforts to penetrate the country’s retail banking market.

The bank formed a business tie-up with local financial product recommendation site “Bankcomparebd” through its Dhaka branch on Feb. 25 to offer customer-tailored services, sell retail loan products and launch big data-based digital marketing.

In addition, the bank signed an agreement with the country’s top digital wallet startup “bKash” on Jan. 29 to cooperate in overseas money wiring. The Dhaka branch is planning to jointly provide the overseas remittance service with bKash and expand affiliated financial services using digital wallets, such as deposit and withdrawal of money, redemption of loans and payment of installment savings, in the future.

Woori Bank entered Bangladesh in 1996 for the first time among Korean banks and currently operates six branches in the country. The bank is expanding its service areas from corporate financing for Korean companies that operate in the region to mortgage loans and car loans to push into the country’s retail banking market.

Bankcomparebd is an online financial product sales firm that offers loan, savings and credit card recommendation services through partnerships with local financial institutions. bKash is the country’s biggest digital wallet startup that provides smartphone-based digital wallet services allowing customers to easily deposit, withdraw and wire money. bKash has 180,000 affiliated stores and 30 million users across Bangladesh.

Woori Bank is a bank.The headquarter of Woori Bank in Seoul, South Korea and Woori Bank is a subsidiary of the parent company Woori Financial Group. The bank was founded back in 1899, originally called Daehan Cheon-il Bank, renamed Joseon Sangup Bank in 1911, then Commercial Bank of Korea in 1950s. Following the 1997 Asian financial crisis, it merged with the former Hanil Bank and Peace Bank to become Hanvit Bank. Woori Bank adopted its current name in 2002.

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