KT, the second largest telecom business in South Korea, recently announced that it will invest KRW 23.6billion ($USD20.9 million) in Webcash group to establish a strategic alliance relationship for B2B business.
Webcash group is a leading domestic B2B fintech firm which possesses various fintech platform and technology, such as Banking embedded financial management system, Banking embedded book keeping solution, cost expenditure management solution, and taxation business management solution.
Last year, KT launched the B2B brand ‘KT Enterprise’ and drove the expansion of the B2B DX market. Webcash group offers various B2B FinTech solution services based on the size s of the clients. Through this equity investment, KT is looking forward to improving digital transformation (DX) capability in B2B, and the field of finance.
KT and Webcash plan to integrate KT’s AI, Big Data, Cloud platform technology, and network infrastructure with Webcash group’s B2B FinTech services to offer and develop tailored services based on the clients’ business sizes and industry types. First of all, KT and Webcash plan to launch ‘KT Kyungrinara ’, and ‘KT Bizplay’ service by integrating KT’s AI, and Cloud technology into the current ‘Kyungrinara ’ service (the first domestic bookkeeping management solution), and ‘Bizplay’ service( the cost expenditure management solution ).
Also, SaaS service based on KT’s Cloud will be launched and provided in various versions to meet the different B2B customers’ needs. Moreover, ‘KT Semo gagae’ (the integrated service of KT’s Big Data based platformfor the analysis of commercial power with Webcash’s mobile banking & bookkeeping platform) will be launched for the micro businesses. KT and Webcash group will also carry out cross marketing, utilizing each company’s customer interaction centers (such as contact centers, online channels, etc.), and expand the scope of cooperation to the subsidiaries to extend the business synergy.
