Woori Group and Ground X partner for a blockchain financial platform

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Woori Financial Group, a South Korea based financial company, has partnered up with Ground X to develop blockchain-based financial services. According to the announcement, this new partnership seeks to create a suitable collaboration model through joint research.

The news was announced on August 21 at Ground X headquarter in central Seoul. Through this partnership, Woori Group reportedly plans to discover new business models using blockchain. The companies have given little information on the products. However, a blockchain-based credit card payments system, Woori Card will highly likely be one of the services.

An official of Woori Financial Group said:

I agree with the implementation of a life-oriented blockchain service that Ground X pursues. We plan to develop the services necessary for the financial life of customers by combining our expertise and know-how with the blockchain platform of Ground X. It is.

Woori Card is a subsidiary of Woori Financial Group that is focused on credit cards. The company added that the agreement does not involve the use of cryptocurrencies.

This is not the first blockchain partnership either of the two is getting involved. Ground X, a subsidiary of one of the largest messaging tech company, Kakao launched a crypto wallet, Klip. Klip, which was launched last month is said to utilize Ground X’s public blockchain. Kakao had been planning to combine their messaging app with a crypto wallet since earlier this year in March. The company wanted to help their users make peer-to-peer transaction on their KakaoTalk app.

According to reports, Kakao had injected over $57 million into the research and development of this crypto wallet. They had also reportedly purchased a blockchain startup company in Israel to help further their progress.

On the other hand, Woori, in collaboration with KEB Hana Bank, and KOSCOM are reportedly creating a blockchain-based platform to be used for personal identification. The partnership saw KT, SK Telecom, LG UPlus, and Samsung form a consortium to help with the project.

According to reports, the platform will store critical personal information; including bank accounts numbers, and resident registration numbers. Ultimately, this platform was created to eliminate third part interference giving users control over their identity.