KB Kookmin Bank to Provide Funds in Support to K-Content Companies

President Lee Hwan-joo of KB Kookmin Bank. (Photos: KB Kookmin Bank)

KB Kookmin Bank announced on Oct. 16 that it has signed a K-content company support agreement with the Korea Creative Content Agency (KOCCA), the Korea Credit Guarantee Fund (KODIT), and the Korea Technology Finance Corporation (KOTEC) Under the agreement, the lender will actively work to lay the foundation for the growth of K-content companies through productive finance.

Through this agreement, KB Kookmin Bank and the KOCCA will pursue various collaborative projects including supporting the revitalization of policy financing for Korean content companies, providing financial support for overseas expansion for global content companies, fostering exchanges of professional talent and fostering talent and developing collaborative projects aimed at strengthening content finance support.

KB Kookmin Bank announced on Oct. 16 that it has signed a K-content company support agreement with the KOCCA, KODIT and KOTEC.

Furthermore, KB Kookmin Bank will contribute 1 billion won each to KODIT and KOTEC, providing approximately 100 billion won in guarantee fees to KODIT and KOTEC.

Eligible companies will be able to receive a guarantee fee of 1.0%p per year for two years, totaling 2.0%. When combined with cultural content company policy funds, they will also receive an additional 2.5%p interest subsidy for one year, which is expected to significantly reduce financial costs.

Eligible companies for the guarantee fee support include companies eligible for KODIT’s Cultural Industry Completion Guarantee and Cultural Industry Specialized Guarantee and companies eligible for KOTEC’s Cultural Industry Completion Guarantee and Knowledge Culture Industry Guarantee.

These companies include production companies that plan, produce, and commercialize content and companies utilizing content IP.

This program encompasses companies in the content industry, a key strategic industry for the government, and is expected to support policies to foster productive finance and future growth engines.

MOU to Expand Financial Welfare for Families with Disabled Members

KB Kookmin Bank announced on Oct. 2 that it signed a multilateral MOU on expanding financial options and improving financial welfare for families with disabled members with the Korean Society for the Cerebral Palsied, KB Life Insurance and KB Life Partners on Oct. 1.

A signing ceremony was held at the Korean Society for the Cerebral Palsied in Yeongdeungpo-gu, Seoul. Key officials in attendance included Kim Jeong-woo, chairman of the society, Kim Hyo-dong, head of the New Business Promotion at KB Life Insurance, Kim Seong-soo, president of KB Life Partners and Lee Yoon-seok, managing director of the WM Customer Group at KB Kookmin Bank.

With this agreement, KB Kookmin Bank will strengthen the asset management stability of families with disabled members by utilizing trust products such as trusts specifically for the disabled and insurance claim trusts.

KB Life and KB Life Partners, general financial sales channels, will support families with disabled people by utilizing insurance products to provide living expenses and risk management.

Launch of KB Star Banking Overseas Payment Service in Philippines

KB Kookmin Bank expanded its KB Star Banking Overseas Payment Service to the Philippines on Sept. 29.

According to KB Kookmin Bank on Sept. 30, the KB Star Banking Overseas Payment Service is provided in partnership with Global Loyalty Network (GLN), a global payment network.

Currently, it allows for easy and secure local payments using QR codes in 11 countries and regions including Thailand, Japan, Taiwan, Laos, Guam, Saipan, and Hawaii.

Notably, this service is the first QR payment platform to offer 100% preferential exchange rates using foreign currency points. Customers can exchange these points at their discretion, and the points are automatically deducted in local currencies when making payments abroad.

This allows customers to enjoy both preferential exchange rates and reduced fees, making for a more convenient and cost-effective payment experience.

This expansion is expected to significantly enhance customer payment convenience, as QR payments using KB Star Banking will be available at over 10 million merchants in the Philippines.

To celebrate the expansion, KB Kookmin Bank will hold a promotion until Nov. 2. During the event, customers using the service in the Philippines will receive a 10% cashback (up to 30,000 won) on their first purchases.