The Industrial Bank of Korea (IBK) said on June 16 that it signed an MOU with the Hong Kong Shanghai Banking Corp. (HSBC) on the cooperation of the development of Fintech. The signing took place at the British bank’s head office in London with Chairman Kwon Seon-joo in representing IBK.
The details of the MOU include sharing professional knowledge and technologies on Fintech; joint investments in Korean Fintech business firms and financial support; and the exchange of programs to develop Fintech and information.
On June 16, Charman Kwon visited Level 39, a global Fintech firm that helps Fintech start-ups grow, and Transferwise, a P2P match overseas fund transfer service firm.
Level 39 and Transferwise were put on the IBK CEO’s agenda in London so that she can learn how the Fintech business firms provide financial services at the intersection where start-ups meet financial firms and investors, and discuss various matters on Fintech development with the officials of the two professional Fintech firms in London.
IBK said it will unveil its Fintech platform in June, which is an environment where the Fintech enterprise IT solutions for business firms and the bank’s electronics financial services meet.
IBK feels it can provide tailor-made Fintech financial services to its customers in such areas as start-ups, insurance and businesses operated by individuals through the “Enterprise Fintech Platform.”
“Cooperative CMS” is be a good example as it is a specialized service for cooperative customers in conjunction with the cooperative management IT Solutions and Cash Management Service (CMS).
IBK officials said when the Enterprise Fintech Platform is built, a base business model individual and business firms’ platforms will be completed. At that point, the bank will strengthen its unit to take charge of the operation of the Enterprise Fintech Platform in the second half of the year.
In the meantime CEO Kwon Seon-joo won the Industrial Merit Bronze Medal at the 2015 Korea SME Businessmen Conference held at Cheong Wa Dae Guest Hall on May 27 in recognition for IBK’s role in nurturing SMEs.
A mobile application, downloadable from any smartphone maker or telecom service providers’ app-store, offers general banking services including account balance, money transfers, credit card payments and foreign exchange.
“Everyone at IBK is working for your endless support and encouragement toward the bank,” Chairman Kwon said on the bank’s homepage.
Since its foundation, IBK has placed customer value as the foremost goal and has devoted itself to facilitating the economic activities of SMEs and enhancing their economic status. As a result, IBK has developed into a powerful bank to support 14 million customers.
“We are well aware that this remarkable outcome was possible due to our customers' interest and trust in IBK,” according to the bank. “Our management and employees will not rest on current achievements but make further efforts to get even closer to our customers.”
They continued, “First, we will take the lead in Creative Finance with our creative products and services and also carry through the bank’s new management plans, which aim to bring about H.O.P.E. (Healthy growth, Open communication, Pioneering market, and Empowering employees) to help our customers move forward in realizing their dreams.”
IBK said it will come to the support of SMEs and those in low-income brackets with financial aid, offering them a bigger umbrella, rather than taking it away, in a crises.
“We will come to our customers with ears wide open, as a reliable financial partner, helping them through even the most challenging of times,” the CEO said.
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