The idea that US interest rates will stay higher for longer is probably wrong 
Introduction of Green License Plates in S, Korea Pull Down Sales of Porsche, Rolls Royce, Bentley 
Doosan Robotics, LG Electronics Debut EV Charging Robot, Kicks Off Pilot Operation in South Korea 
Starbucks Rolls Out New Spicy Lemonade Refreshers for Spring 
Economists say Australia shouldn’t try to transition to net zero by aping the mammoth US Inflation Reduction Act 
Nigeria: botched economic reforms plunge the country into crisis 
Digital trade protocol for Africa: why it matters, what’s in it and what’s still missing 
Wendy’s won’t be introducing surge pricing, but it’s nothing new to many industries 
PUMA and Scuderia Ferrari Launch a New Era of Summer Fashion with Crews Go Summer Collection 
Samsung Electronics to Set Up Smart Home Services for Customized Smart Homes in Miami 
Kakao Games, SM Entertainment Sign Licensing Agreement for Games Featuring K-pop Idol Groups 
Adobe Unveils Acrobat AI Assistant Tool for Acrobat and Reader Users 
PUMA x PlayStation Collaboration Launches with a Fusion of Style and Gaming 
Spotify Hints at Long-Awaited Lossless Music Experience in Latest App Code Discovery 
Tesla Reportedly Preparing for Large-Scale Layoffs; Employees Concerned Over Potential Termination 
Woori Bank is reportedly investing in promising startup companies and will pick 10 through a competition. The South Korean banking company based in Seoul will be spending KRW10 billion or around $7.7 million to support them, and this was said to have been announced last weekend.
As per The Korea Times, Woori Bank will start collecting applications for the contest on Aug. 8 and will continue accepting them until Aug. 19. The company is looking for startups with big potential for innovation and growth. It should also be interested in getting funding for its projects.
The bank will choose 10 firms, and they will be picked after strict assessments of their business, technical advancement, and checking of other criteria. Each of the companies will receive one billion in investment funding, and Woori Bank will raise the money through redeemable shares or Redeemable Convertible Preference Share (RCPS), which are preferred stocks that the issuing group may trade for cash.
It was noted that Woori Bank is one of the most active institutions when it comes to supporting startups. So far, through a total of nine contests, it has invested KRW80.7 billion, supporting around 83 small and medium-sized enterprises (SMEs). This is part of its strategy of developing new growth engines in the Fourth Industrial Revolution.
Woori Financial Group, Woori Bank’s parent company, has been expanding its portfolio to offer a range of diverse businesses after being privatized in 2021 and officially ending the 23 years of ownership by the government group. Some insiders said that it is now trying to cultivate startups so it can adapt to the rapidly-changing banking environment today.
Meanwhile, Woori Bank is also involved in an embezzlement case that was perpetuated by its employees. The embezzled money is worth KRW70 billion, and Korea’s Financial Supervisory Service (FSS) has already completed its inspection, but the result has yet to be publicly revealed.
With this incident, the FSS decided to impose strong measures to avoid similar cases in the future. One of the measures that are being considered is the strengthening of the bank employees’ leave system.
Korea Post reported that the National Assembly Political Affairs Committee of the FSS said that it is currently promoting measures to bolster internal control to prevent the occurrence of a similar embezzlement move. The measures and improvements will be based on the results of Woori Bank’s embezzlement inspection.
