KT, one of South Korea’s largest telecom companies, reveals that it will be investing KRW 23.6 billion (appr. $20.9 million) into the operations of Webcash Group. The investment will be part of a plan to form an alliance relationship for the B2B sector.
Webcash Group is a major B2B Fintech company that offers an embedded financial management system, an embedded bookkeeping platform, an expenditure management service, and a tax management software application.
In 2020, KT introduced the B2B solution, called “KT Enterprise” and also focused on the expansion of the B2B market. Meanwhile, the Webcash Group provides different B2B Fintech services.
Through this latest equity investment, KT will be focusd on enhancing its digital transformation strategy in the B2B space.
Webcash will be leveraging KT’s AI, Big Data, and Cloud-powered platform along with its network infrastructure. Webcash will be introducing “KT Kyungrinara” and “KT Bizplay” services by integrating KT’s technology into the current “Kyungrinara” service – which is a bookkeeping management solution.
A SaaS platform based on KT’s Cloud will also be offered to address B2B customers’ requirements. “KT Semo gagae,” which is the integrated service of KT’s Big Data platform for the analysis of commercial power, will also be offered to small businesses in South Korea.
As covered in late May 2021, F10, a leading Fintech startup incubator and accelerator program, had teamed up with Seoul Fintech Lab which is supported by the Seoul Metropolitan Government and K accelerator, a Fintech support center headquartered in Seoul. Through the partnership, both organizations will aim to expand their incubation program into South Korea.
The program will mainly focus on assisting early-stage South Korean Fintechs with enhancing their product offerings in order to be well-prepared for international markets and corporate clients.
F10 will be choosing 10 of the most promising or high-potential startups to participate in a 6-week long program, beginning on July 26, 2021.
The program is scheduled to run in a hybrid format, with 4 weeks of online classes and an extensive 2-week in-person workshop carried out in Seoul. The sessions will conclude with a Demo Day, where startups can pitch their business ideas to an international audience.