The Industrial Bank of Korea joined hands with a platform operated by Naver’s cloud affiliate for digital innovation and development of fintech services, the state-run bank said Wednesday.

The new partnership will enable them to bolster their cloud and artificial intelligence capabilities, IBK said.

To keep pace with each other, both plan to establish a solid communication channel to review Naver’s technologies capable of upgrading banking business.

Discovering and recommending startups driven by fintech-related innovative ideas and technologies will be on the agenda as well. The selected firms would be candidates for IBK’s fintech startup testbed program “IBK First Lab.”

Launched last year, the program is designed to help startups realize their goals if their ideas are in sync with the bank’s services, products and overall business process. Businesses, individuals, universities and think tanks are all eligible for the scheme.

The participants of the program will gain access to Naver’s cloud services and special technology consulting upon their request.

Naver Cloud Platform is operated by Naver Business Platform, an affiliate of South Korea’s leading internet portal operator Naver.

The platform has been actively expanding its partnerships with local firms this year seeking to use its cloud services.

In October, it partnered with NH NongHyup Bank – one of five major commercial lenders here – to provide its public cloud system for mobile financial services. A public cloud refers to cloud computing services offered by third-party providers whereby company officials can store and share resources on demand for a fee.

“Through the new cooperation, the development of innovative financial products and services along with healthy relationships with innovative firms will be carried out,” an IBK official said in a statement.

“We hope this would be a successful precedent of a cooperation between a bank and a fintech firm.”

By Jung Min-kyung (mkjung@heraldcorp.com)