Woori Financial Group headquarters in Seoul / Courtesy of Woori Financial Group

Woori Financial Group launched DINNOlab Vietnam Center in Hanoi earlier this week, the Korean financial giant said Wednesday.

DINNOlab, which stands for Digital Innovation Lab, is Woori Financial's startup discovery initiative and nurturing program.

The newly opened center is to serve as a global testbed, supporting the expansion of Korean startups with innovative technologies and ideas into Southeast Asia.

Key officials from domestic and international institutions, including the Financial Services Commission (FSC), Vietnam's central bank and the Korean Embassy in Vietnam, attended the opening ceremony held on Tuesday to celebrate the official launch of DINNOlab Vietnam Center.

In commemoration of the launch of the innovation center, the financial group and the FSC also co-hosted a startup networking event titled Global Demo Day in Hanoi on the same day.

During the event, various sessions were held, including introductions to the fintech industries of both Korea and Vietnam and recent investment trends, fintech businesses' exhibition booths and investor relations pitching meetups.

A total of 10 fintech companies from both Korea and Vietnam participated in the pitching session, having the opportunity at the event to engage with Woori Financial Group as well as connect with venture capitalists.

"Vietnam is considered a land of opportunity for the fintech industry due mainly to its young population, high economic growth rate and the expanding adoption of digital devices in the country. The DINNOlab Vietnam Center plans to support Korean startups' partnership with leading fintech companies in Vietnam while aiming to discover new business models," an official from Woori Financial Group said.