KB Financial Focuses on Fintech and Jobsite Operation
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KB Financial Focuses on Fintech and Jobsite Operation
Chmn. Yoon sets up KB Fintech Hub Center to improve financial products and services related to fintech to recapture its leading position in the financial industry

12(Tue), May, 2015


Chairman Yoon Jong-kyoo of KB Financial Group.




A group of leading executives of the KB Financial Group led by Chairman Yoon raise their arms in support of the KB Fintech Hub Center at a recent launching ceremony of the center at the financial group’s office in Seoul.(Photos:KB Financial)


Ever since Chairman Yoon Jong-kyoo took over KB Financial Group and Kookmin Bank last November, he has been out to recapture their leading position by strengthening jobsite operation with the strategies to broaden fintech and other technology-related financial products 

The loan program against the intelligence properties is a good example for the bank, with the financial group announcing a strategy to foster the growth of fintech and support programs for its growth early this year. Under the group’s policy to foster and develop the intelligent property enterprises, the programs are designed to provide support to fintech’s growth amongst start-ups right up to the stage when they are ready for IPOs. 

The group launched the KB Intelligent Property Investment Cooperatives with 50 billion won in funds chipped in by its affiliate, KB Investment. Kookmin Bank and KB Investment invested 1 billion won and 1.6 billion won, respectively, to provide loans to IP products as mortgages. It was based on an MOU signed with the Korean Intelligent Property Office to spur the intelligence property finance by finding firms with superb intelligent properties and foster their growth.

The companies eligible for loans should be SMEs listed with the KIPO. They should have records in sales and services of their intelligent properties. The SMEs, with intelligent technologies evaluation certificates issued by the KIPO, can get as much as 1 billion won in loans from the KB Intelligent Property Investment Cooperatives, with the interest rates as low as 2.04 percent per annum.

Fees for the intelligent property evaluation certificate will be picked by Kookmin Bank (1.5 million won) and the KIPO (5 million won).

KB Financial has also decided to set up the KB Fintech Hub Center this month to give its support to fintech startups in a more orderly fashion. Fintech startups would not have to visit Kookmin Bank, KB Kookmin Card or other KB Financial affiliates, as the center can take care of anything they want.

The idea to set up the KB Fintech Hub Center was hatched at a task force for affiliates of KB Financial held in January, including the bank, credit card affiliates, securities, life insurance, instrument, savings bank and data system affiliates. Each of the affiliates have also been preparing to operate fintech-related work more systematically. KB Investment, for example, set up a fintech intelligent property investment cooperative with an investment of 50 billion won. Such firms as Growth Ladder Fund, Korea Mother-type Fund, Kookmin Bank, Korea Technology Holdings, Info Bank and Intellectual Stone decided to participate in the cooperative as limited partners.

They will also strengthen ties with other firms. KB Card signed a tie-up with NHN Entertainment on cooperation for fintech-related businesses. The credit card company plans unveil its simple payment handling system under the cooperative tie up for game contents-related services.

Officials of KB Financial said the group plans to improve its financial products and services related to fintech, such as remittances, payment, loans and asset management for areas in finance, in addition to a simple payment service which requires only secret numbers (not additional certificates) which is called a One Click Payment Service.



   
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