Woori Bank CEO Cho Byung-kyu, right, stands next to CJ OliveNetworks CEO Yoo In-sang at the headquarters of Woori Bank in central Seoul, Friday. Courtesy of Woori Bank

Woori Bank has signed a strategic partnership with CJ OliveNetworks, aiming to enhance and broaden its non-financial services, the bank announced on Sunday.

Woori Bank CEO Cho Byung-kyu and CJ OliveNetworks CEO Yoo In-sang, also known as Benjamin Yoo, signed the business agreement at the headquarters of the bank in central Seoul on Friday.

Under this agreement, the two companies plan to jointly develop diversified products and services that will strengthen the convergence of financial and non-financial areas, as well as strengthen marketing initiatives utilizing their own channels and platforms. The two firms will also join hands in exploring data-based business models and in creating greater synergy. They also plan to cooperate to develop a stable systemic platform and operational collaborations.

Cho emphasized that the collaboration between financial and non-financial sectors is now considered a must in serving customers to the fullest. He went on to underscore that the partnership between the two companies aims to blur the boundaries between the financial and non-financial sectors, in order to create a variety of products and services for customers, hoping to jointly open up a new market in the future.

"We aim to continuously discover and develop business models that are based on products and services essential to improving consumers' daily lives," Cho said at the signing ceremony.

CJ OliveNetworks is an information, communication and technology company, providing a broad range of tech services in manufacturing, distribution, logistics and media. The firm's main services include mobile marketing automation solutions, electronic payments and metaverse-based communications that are aligned with current IT trends.

In February, Woori Bank also formed cooperative business ties with MegazoneCloud, a premier cloud management company, to seek joint efforts to strengthen its Banking-as-a-Service (Baas) business models. Baas simply refers to providing fintech and non-financial services by banks on its banking platform by opening up their application programming interfaces.