Woori Bank Selected as Dedicated Bank for Korea East-West Power’s R&D Funds

[Financial News] Woori Bank has been selected as the dedicated bank for Korea East-West Power’s research and development (R&D) funds, expanding its digital capabilities in public-sector fund management. The bank plans to improve transparency and efficiency in research fund management by building an integrated system that manages the entire process in real time, from fund disbursement to documentation and settlement.
Woori Bank said on the 11th that it signed an agreement with Korea East-West Power on the 10th at its headquarters in Jung District, Seoul, to build and operate an integrated system for innovative research fund management and greater transparency.
Woori Bank attributed its selection to the strong competitiveness of the Woori Innovation Resource Information System (W-IRIS), which it developed and currently operates. W-IRIS supports the entire process, from fund use and inquiries to settlement and accounting audits, enabling research institutions that receive government funding to manage research funds efficiently.
Under the agreement, Woori Bank will build a customized integrated research fund management system for EWP based on W-IRIS by the end of this year. The system is scheduled to be introduced in phases, beginning with new R&D projects next year.
Once the new integrated management system is introduced, research fund expenditures will be trackable in real time from the project implementation stage, replacing the existing practice of settling all funds after a research project ends. The entire process—from use and inquiries to documentation and settlement—will be managed through one integrated system.
The system is also expected to improve the transparency of research fund expenditures and management efficiency while reducing the administrative burden on research institutions. Woori Bank further plans to establish a research fund management framework that can eventually be expanded to other state-owned power companies, with the potential integration of R&D operations across such companies in mind.
Se-hyung Cho, deputy president of Woori Bank’s Institutional Group, said, "Woori Bank will support innovation in Korea East-West Power’s research fund management by combining the expertise it has accumulated in managing funds for public and research institutions with its digital capabilities." He added, "We will develop it into a standardized, next-generation research fund management model that can be used across state-owned power companies."
[email protected] Hyun-jung Lee Reporter