On Jan. 4, Yoon Jong-won, president of IBK’s gives a New Year’s message through the bank’s own broadcasting system during a ceremony to mark the first business day of 2021 in consideration of the COVID-19 situation. (Photo: IBK)

The Industrial Bank of Korea (IBK) replaced its annual ceremony to kick off the New Year with a virtual New Year’s message from the bank’s president, in consideration of the COVID-19 public health crisis in early January.

“The original mission of IBK will remain the same,” said Yoon Jong-won, president of IBK in his New Year message on Jan. 4.

“Basically, we offer financial support and services to small and medium-sized enterprises (SMEs). But we may change details of our roles according to the times and situations. Now is the time to serve as a catalyst for SMEs' innovation-powered growth and rev up the Korean economy.”

In his New Year’s address, Yoon said the focus in 2021 will be on overcoming the COVID-19 crisis, accelerating digital transformation, establishing the right management trusted by customers, and managing human-centered human resources.

The IBK replaced this year’s opening ceremony with a New Year’s message from the bank’s president through its own broadcasting network, considering the COVID-19 situation and pan-national efforts to prevent the plague from further spreading in Korea.

“Overcoming the COVID-19 crisis has to take precedence over all others in 2021,” Yoon said, calling for supporting small and medium-sized blue-chip companies suffering temporary liquidity crises and leading structurally struggling companies to go through structural improvements by providing innovative consulting for them.

“In addition, as one of the IBK’s major innovative finance project, we will comprehensively diagnose the financial health of our corporate customers and provide prescriptions for them in accordance with their situations by introducing the Financial Doctor System that combines 60 years of our financial capabilities for the support of SMEs and sharpening its competitiveness with data and digital technology,” Yoon added.

Yoon expected the MyData Project to be a game changer in competition in the financial industry. “We should use the MyData Project as an opportunity to transform a paradigm of financial support into data-based customized financial consulting and prepare for changes with the active participation of all IBK employees,” Yoon continued.

Yoon also proposed that all IBK employees create a more flexible and horizontal corporate culture where they can freely communicate with one another without formality and find reasonable solutions through the Organizational Culture Improvement Project.

“We will embark on a journey to new 60 years of IBK in 2021,” Yoon said. “We will be able to contribute not only to the development of the IBK and its employees, but the growth of SMEs and customers, and increase the dynamics of the financial industry and the national economy by establishing innovative finance and right management.”

In the meantime, the IBK said it has received the final approval for the establishment of IBK Myanmar Bank, an IBK subsidiary, in Myanmar from Myanmar’s central bank on December 30 2020.

IBK Myanmar Bank can handle most of the tasks handled by local banks including corporate banking, retail banking and foreign exchanges.

Not only Korean companies that entered Myanmar, but also local companies will be able to use financial services at IBK Myanmar Bank.

“IBK Myanmar Bank will offer convenient financial services to Korean companies that have trouble in using other local banks in Myanmar and the same-quality service as the IBK in Korea,” an IBK official said.

The IBK plans to gradually expand customers from Korean companies doing business in Korea to local companies and retail banking in Myanmar.

“Harnessing the IBK’s ability to finance the business activities of SMEs, we will develop into a top-tier bank that takes the lead in financial services for SMEs in Myanmar,” the official said.

“We will also actively cooperate with the Korean government’s new southern policy, contributing to boosting bilateral economic cooperation and development.”

IBK Myanmar Bank will go down in history as the first overseas Korean banking corporation directly set up without going through a process as an office in a foreign country.

Therefore, the IBK will have three banking corporations and 59 branches in 12 overseas countries.