Woori Financial Group to extend $59 bil. to support AI, bio industries

Woori Financial Group plans to invest 80 trillion won ($59 billion) over the next five years to expand lending for artificial intelligence (AI) and other high-tech ventures, innovative small businesses and low-income and low-credit retail borrowers, the group said Monday. The initiative, the largest among the country’s private financial entities, seeks to prioritize long-term, sustainable investment, moving away from household mortgage lending, which has long been criticized as the "easiest" way of generating revenue. Woori is the first private-sector investor to commit 10 trillion won for the Lee Jae Myung administration-led 150 trillion won National Growth Fund. Woori's contribution constitutes 13 percent of the 75 trillion won to be funded by the private sector. The financial group also plans to spend 1 trillion won in venture capital through its investment subsidiary, supporting budding high-tech startups from the launch of their business through to their initial public offering (IPO). It plans to lower borrowing costs for 550,000 people, including small business owners and low-creWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times