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| KB Financial Group Chairman Yoon Jong-kyoo following a meeting with the bank's employees in this Jan. 8 file photo at its headquarters in Yeoido, Seoul, after he took the helm at the bank on Nov. 21. / Courtesy of KB Financial |
By Choi Kyong-ae
KB Financial Group said Wednesday it will set up the "Fintech Hub Center" by the end of this month to lead others in financial technology.
"The fintech center is designed to promote business tie-ups with companies which have advanced technologies and give financial support to technology startups," KB Financial said in a statement. "Companies which want to partner with KB affiliates can submit an application to the center."
The companies do not need to make separate contact with KB Kookmin Bank, KB Kookmin Card or other KB affiliates for a partnership. Once they submit documents, the center reviews the companies' business models and their growth potential, the statement said.
The center plans to invest in startups that have technologies but lack capital, or to extend loans to those companies. The center would have an in-house function under KB Financial and would be filled with six tech officials selected from affiliates, it said.
KB Financial will be able to invest in a technology company if it has big growth potential, or extend a loan to a tech firm that is capable of owning intellectual property rights, it said.
"Executives in charge of promoting financial technology will meet regularly to discuss pending issues about the fintech business and make decisions faster in terms of partnership with tech companies," a KB Financial official said.
Among KB affiliates, KB Kookmin Card was the first in signing up for a fintech partnership. The card issuer signed an agreement in February to work with NHN Entertainment, Korea's leading game company, in fintech opportunities.
Under the partnership, the card company provides online and offline settlement services for NHN game customers and receives commissions for the services, the official explained.
As customers want their financial transactions to be safer than ever following a series of recent information leaks, KB Financial would prioritize tightened security in transactions on mobile devices, in particular, he said.
KB Financial has maintained its lead in the number of subscribers in mobile banking and Internet banking in the past decade. The number of its mobile banking users hit 9 million in August 2014, and that of Internet banking customers exceeded 19 million at the end of February, the statement said.
