Woori Bank to develop a digital currency like bitcoin

Woori Bank will develop a digital currency built on blockchain technology within this year, the company said Wednesday.

The bank fostered a partnership with two fintech startups - theloop and Dayli Intelligence - to create and manage the currency.

“We will develop a digital currency based on blockchain technology and test usability by the end of this year,” a source at Woori Bank said.

The move is in line with the bank’s strategy to create tech-driven financial services.

In April, the company formed a new division devoted to big data, blockchain technology and artificial intelligence in crafting financial services.

By Park Eun-jee