KT to invest 23.6 billion won in fintech firms under Webcash Group

KT Corp. will invest a total of 23.6 billion won in three companies under the fintech-focused Webcash Group to strengthen its foothold in financial services.

Of the amount, 14.4 billion won would be invested in Webcash, which small business bookkeeping solution Kyungrinara, and 9.2 billion won in both business expense management platform operator Bizplay, and Roumit, all under the Webcash Group.

KT will offer its artificial intelligence (AI) and cloud technology to Webcach Group to improve services for Kyungrinara and Bizplay.

The Webcash investment is the second fintech venture by KT this year.

In April, KT invested 25 billion won on financial data and bookkeeping service firm Banksalad Co.