KT Innovation Hub to be Center of New Financial Models for Fintech Firms
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KT Innovation Hub to be Center of New Financial Models for Fintech Firms
The leading financial group to forge cooperation deals with with fintech start-ups and business firms to develop platforms for mutual cooperation to enhance development of diverse technologies, mixing AI, Big Data, Blockchain and IoT

01(Tue), May, 2018

Chairman Yoon Jong-kyoo of KB Financial Group.

KB Financial Group has been taking steps to be a cutting edge financial group by forging cooperation deals with fintech start-ups and the business firms on developing platforms for mutual cooperation. The group has also set up a series of educational programs for employees so they have world-class capacities. An official said the group plunked down some 8.9 billion won in fintech startups over the past three years as it continually pushes strategies to forge and strengthen relationships.

The KB Innovation Hub is the representative project. It is designed to work on the fusion and mixing of diverse technologies including AI, IoT, and Open API, among others, with the business firms with most reformative ideas. 

The hub has been supporting the R&D activities of fintech startups from its office with 200 pyeong in space in the Gangnam Ward in southern Seoul, along with the tailor-made support measures, mentoring and investing. Ultimately, the hub will be the center of new financial models developed with the fintech companies. 

Since its launching in 2015, the hub signed 52 cooperation pacts, and in 13 cases since its name was changed to the Innovation Hub in August, last year.

On the other hand, the KB Starters has been creating synergy among affiliates. The facility has been engaged in investments in the new fintech companies and the commercialization of new financial services. Last year, 16 exemplary startups were picked to provide services to their customers using the platforms of the affiliates of the group.

The group also set up the Digital Ace Academy to train employees on digitalization so they would become experts on digital technologies such as AI, Cloud, Big Data, and Blockchain, among others, with the ability to analyze various data. KB Financial Group Inc., a financial holding company, provides various banking and related financial services to individuals and corporations in South Korea and internationally. 

It operates through six segments: Retail Banking Operations, Corporate Banking Operations, Other Banking Operations, Credit Card Operations, Investment and Securities Operations, and Life Insurance Operations. The company offers deposit products, including demand deposits, time deposits, savings deposits, certificates of deposit, foreign currency deposits; and loans, such as mortgages and home equity, other consumer loans, working capital and facilities loans, as well as credit cards. 

It also provides debt and equity securities investment and trading, derivatives trading, asset securitizations, and call loans; securities brokerage services; foreign exchange, import and export-related, offshore lending, syndicated loans, and foreign currency securities investment services; trustee and custodian services; trust account management services; management of the national housing fund; and bancassurance, insurance, and consumer finance services.

In addition, the company offers investment banking services consisting of project finance and financial advisory services; structured finance; and financing for mergers and acquisitions. insurance products and services. As of Dec. 31, 2016, the company operated a network of 1,130 branches and sub-branches in Korea. KB Financial Group Inc. was founded in 2008 and is headquartered in Seoul. 

A view of the KB Financial Group headquarters building in Yeouido, Seoul. (Photos: KB Financial Group)

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