Woori Financial Group said Friday it has signed a memorandum of understanding with Germany-based business-software giant SAP to boost the digital transformation of its corporate financial services.

The deal was signed by Woori Financial Group Chairman Sohn Tae-seung and SAP CEO Jennifer Morgan at the SAP Executive Briefing Center in New York on Thursday, local time.

The value of the deal was not released. 

Though the newly formed partnership, both sides will cooperate in establishing an intelligent financial technology platform focused on providing liquidity and trade finance for both existing and potential clients, according to Woori.

Both firms plan to launch a task force for a relevant pilot project by the year-end.

SAP, which is headquartered in Germany has regional offices in 180 countries and is a global provider of enterprise resource planning, offers a business process management software that allows a company to use a system of integrated applications for business management. It also automates a slew of back office functions linked to technology, services and human resources. 

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