All Enterprise Fintech Funding Startup News in Korea (Korean Startup News)

JB Financial Group Invests KRW 30 Billion in Bizplay, Collaborates with Webcash Group

2024-04-01 2 min read


JB Financial Group Invests KRW 30 Billion in Bizplay, Collaborates with Webcash Group

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South Korea’s JB Financial Group has finalized a strategic investment agreement, committing KRW 30 billion to the ‘Bizplay’ service by Webcash Group, alongside collaborative ventures with Webcash’s key affiliates. This move by JB Financial Group to invest in Bizplay stems from a positive outlook on the future growth prospects of Bizplay’s expense management business, travel solutions, meal voucher welfare programs, and new initiatives like G2C Pay.

JB Financial Group’s strategic investment focuses on Bizplay, intending to forge business partnerships for collaborative efforts at a group level with Webcash Group’s affiliates, both domestically and internationally. This strategy aims to enhance synergy between the two groups. The initial strategy in Korea includes leveraging Webcash and Bizplay’s competitive fund management solutions to bolster corporate finance marketing, thereby providing local businesses with enhanced management expertise and convenience.

The investment signing ceremony saw participation from notable figures, including JB Financial Group’s Chairman Kim Ki-hong and Webcash Group’s Chairman Seok Chang-kyu, who committed to fostering active cooperation for mutual benefit.

Chairman Kim Ki-hong of JB Financial Group remarked, “With its competitive edge in B2B solutions and IT technology, Webcash Group will serve as a powerful ally to boost the tech-driven market competitiveness in our corporate finance and international business ventures. Through this strategic partnership, we aim to explore new avenues and continuously craft our narrative of mutual growth with fintech entities that we’ve been committed to.”

Webcash Group’s Chairman, Seok Chang-kyu, shared, “Our B2B offerings, epitomizing the fusion of finance and IT in fintech services, are anticipated to deliver unique services to businesses through our collaboration with JB Financial Group. We’re eager to not just operate in Korea but to extend our collaborative efforts with JB Financial Group globally, including in Cambodia and Vietnam, to unveil diverse business synergies.”

[Korean Fintech Startup News]

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