Kyobo Life announced on March 21 that it has been designated as a trustee of the Financial Services Commission (FSC)’s Innovative Financial Services Project, "Aircraft Engine-Based Trust Income Securities Trading Service."
Introduced in April 2019, the FSC’s Innovative Financial Services System recognizes special regulatory exemptions for services that are more innovative and differentiated than existing services to enhance consumer convenience.
The project is a service that issues trust beneficiary certificates based on aircraft engines and distributes them through a platform.
Galaxia Moneytree, an integrated payment gateway (PG) solution company, is the general manager of the project and the issuer of the trust beneficiary certificates and purchases and trusts real assets, such as aircraft engines.
Kyobo Life, a trust business company, is in charge of the custody management of aircraft engines and the issuance of beneficiary certificates.
Kyobo Life is entrusted with real assets and issues trust income securities through electronic registration, while Galaxia Moneytree uses blockchain distributed ledger technology to recruit investors by distributing mirrored security token offerings (STOs) and beneficiary certificates on platforms.
The project has special significance in that it is an asset securitization through the issuance of beneficiary certificates from a non-monetary asset trust of aircraft engines and financial innovation through the convergence of lease service finance and new technologies, expanding investment opportunities in aviation finance to general investors.
Korean low-cost carriers (LCCs) are mostly using spare engines through operating leases due to the financial burden of purchasing aircraft spare engines.
Since there are no domestic leasing companies, they use overseas leasing companies, which is accompanied by a high cost burden and the problem of the outflow of national wealth.
The introduction of this service is expected to contribute to easing the cost burden and improving operational stability of airlines, and providing new and safe investment opportunities in the aviation industry for general investors.
In December 2024, Kyobo Life, Galaxia Moneytree, the Korea Civil Aviation Association, KAEMS and VMIC held an agreement-signing ceremony to promote the Aircraft Engine Trust Income Securities Trading and Distribution Service.
Kyobo Life and Galaxia Moneytree will go ahead with the project in stages including securing aircraft engines and issuing trust income securities as early as the first half of this year.
“Kyobo Life’s designation as an innovative financial services trust provider will allow us to contribute to the expansion of the domestic asset securitization market through comprehensive property trusts and the revitalization of piecemeal investment, an advanced financial technique,” a Kyobo Life official said.
Partnering with HD Hyundai for Pregnancy and Maternity Health Insurance
Kyobo Life announced on March 24 that it will provide Kyobo e-Maternity Insurance to employees of 29 HD Hyundai Group affiliates to lead the way in addressing the nation’s declining birthrate issue.
The partnership is designed to join the government’s anti-low birthrate policies and fulfill corporate social responsibilities by creating a pregnancy, childbirth, and childcare-friendly environment in companies based on the consensus of being an excellent family-friendly company.
Kyobo e-Maternity Insurance supports pregnancy and childbirth through Health Care (health insurance), Daily Care (healthcare services) and Knowledge Care (giving pregnancy and childbirth books).
It is characterized by thorough coverage for risks that may occur during pregnancy and after childbirth.
It covers pregnancy toxicosis, specific hypothyroidism, gestational diabetes, treatment for pregnancy-related hypertension and diabetes, and hospitalization for pregnancy and childbirth-related hypertension and diabetes.
In addition, it covers pregnancy-induced intravascular coagulation, surgery for certain obstetric diseases, and childcare subsidies for low-weight babies.
In addition to health and psychological counseling for pregnancy and childbirth, the program also provides healthcare services for everyday needs such as hospital information, home training for pregnant women and support for childbirth and customized diet consulting.
For prospective parents, Kyobo Books offers “Encyclopedia of Pregnancy, Childbirth, and Parenting” for HD Hyundai employees.
The book has been a bestseller in the field of pregnancy, childbirth, and childcare for 17 years, and is expected to provide useful information to HD Hyundai employees who are about to give birth and raise children.
