KB Kookmin Bank announced on July 31 that it will actively promote customized inclusive finance for small business owners, young people, and other groups in need of practical financial support.
Notably, since March this year, KB Kookmin Bank has been running the Small Business Conversion Guarantee Certificate Collateral Loan Interest Cashback Program to alleviate interest repayment burdens on small businesses.
This program provides cash refunds equivalent to 2% of the loan interest for customers who have received refinancing loans secured by conversion guarantee certificates from regional credit guarantee foundations, based on interest paid normally over a one-year period from the refinancing date.
With a total budget of 100 billion won, over 20,000 small business owners will benefit from interest refunds.
The Conversion Guarantee Certificate Secured Loan Interest Cashback Program for small businesses was selected as an outstanding case at the 6th Mutual Prosperity and Cooperation Financial New Product event hosted by the Financial Supervisory Service on July 30.
This fact recognized the program as a representative example of inclusive finance supporting people’s livelihoods.
KB Kookmin Bank made a 372.1 billion won livelihood finance support plan, the largest in the banking industry, and is actively promoting various inclusive finance programs.
KB Kookmin Bank operates a common program to reduce interest burdens on self-employed individuals and small business owners, and an autonomous program to broadly support marginalized groups.
The Autonomous Program consists of an interest cashback for conversion guarantee collateral loans, the KB Small Business Support Project and a partnership guarantee for the cultivation of small businesses.
Additionally, it provides free legal support services for individuals in legal gray areas applying for a revival after a bankruptcy, support for young people preparing for independence for future generations and the KB 1,000-Won Breakfast Program.
Furthermore, KB Kookmin Bank has contributed 667 billion won to regional credit guarantee foundations in the first half of this year to support loans totaling 1 trillion won, aiming to alleviate financial difficulties and support the growth of small business owners and self-employed people.
KB Kookmin Bank announces that it will launch a mobile ID issuance service in KB Wallet of KB Star Banking App on July 24.
Mobile ID Card Issuance Service
Kookmin Bank announced on July 24 that it will launch a mobile ID card issuance service on its mobile app, Star Banking, in Kookmin Wallet.
With this, mobile ID card issuance, which was previously only available on the Korea Mobile ID Card App and Samsung Wallet, became available on KB Star Banking.
The service is initially available on Samsung Galaxy devices running on One UI 6.1 or higher, with plans to expand to iPhone (iOS) in the future.
The types of ID cards that can be issued include resident registration cards, driver’s licenses, national veterans’ certificates and alien registration cards.
KB Kookmin Bank participated in the Mobile ID Card Private Sector Opening Project hosted by the Ministry of the Interior and Safety last year. The bank was selected as the final winner.
After undergoing a government suitability evaluation, the bank launched this service and explained that it paid close attention to security so that customers can use it with peace of mind.
Mobile ID cards have the same legal validity as physical ID cards and can be used for identity verification at various locations.
Simplified Will Substitute Trust Service
KB Kookmin Bank announced on July 7 that it has launched the Simplified Will Substitute Trust Service to facilitate swift and secure asset succession.
This product is designed to ensure the same legal validity as a will without the need for separate legal procedures or the drafting of a will.
The bank explains that in the event of the customer’s death, assets can be inherited by the designated beneficiary without complex procedures.
The product is available to individuals aged 40 or older, with a minimum investment amount of 10 million won.
While existing substitute trusts have been primarily targeted at high-net-worth individuals, this new product significantly lowers the minimum investment amount and simplifies procedures, making it more accessible to the general public.
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