KB Kookmin Card has been expanding its overseas operation according to a strategy drawn up specifically for each country the company has entered. It was part of a judicious study on the countries’ financial environments, including financial regulations and economic conditions.
Its overseas operations include auto financing, credit loans and installment financing for other commodities.
The credit card company signed a cooperative agreement with BCA in Indonesia for its credit card operation in the S.E. Asian country, including the issuance of credit cards to local customers, which is the first such cooperative venture for a Korean credit card firm overseas. BCA, with total assets of 47.6 trillion won, has 1,100 branches throughout Indonesia with 22,000 employees, the largest private bank in the S.E. Asian country.
Officials of the credit card firm noted that the card users can save fees when in Indonesia and can get upgraded financial services as their financial transaction records improve.
They also said customers would have access to the financial technology benefits, as KB Kookmin Card plans to cooperate with BCA on the use of Big Data to evaluate the credit levels of the customers, and set the credit limits.
KB Kookmin Card said it signed an MOU with Bank Central Asia (BCA), the largest financial institution in Indonesia, to help its customers receive credit cards from the bank.
According to the company, members of KB Kookmin Card will be able to get credit cards from BCA based on their credit rating in Korea.
Kookmin Card also plans to enter Vietnam through GNC Telecom based on an agreement signed between the two firms on cooperation for the development of a global fintech service. KB Kookmin Card plans to engage in the O2O settlement service, simple mobile settlement service and the development new services based on mobile service and fintech based financial services.
According to data from Statistics Korea, about 2.47 million Koreans residing abroad are unable to get credit cards from banks in the countries they are living in and experience difficulty opening financial accounts.
KB Kookmin Card will work with the Indonesian bank to build a credit rating system that will analyze consumers’ spending patterns abroad to find potential credit card users with sound financial capabilities.
“Through the latest MOU, our customers will be able to benefit from the Indonesian bank’s card and financial services,” a bank spokesman said. “The two banks will work on more various services in the near future.”
KB Kookmin Card Co., Ltd. reported audited earnings results for the full year ended Dec. 31, 2015. The company’s operating profit was 2,994,808 million won compared to 2,864,957 million won a year earlier. Profit for the period was 355,020 million won compared to 332,701 million won a year earlier.
KB Kookmin Card reported audited consolidated earnings results for the fourth quarter and full year of 2015. For the quarter, the company reported operating revenue of 753,481 million won compared to 727,303 million won a year earlier.
Net operating profit was 100,827 million won compared to 77,246 million won a year earlier.
For the year, the company reported operating revenue of 2,994,808 million won compared to 2,864,957 million won a year ago. Net operating profit was 474,393 million won compared to 438,481 million won a year ago.
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