Chairman Yoon Jong-kyu (center) poses for a commemorative photo after delivering plaques of appreciation to long-service employees at the 13th anniversary ceremony held at KB Financial Group’s Yeouido Headquarters on September 29. (Photo: KB Financial Group)

Yoon Jong-kyu, chairman of KB Financial Group, said on September 29 that he will grow KB Financial Group into the number-one financial platform company to lead future finance.

“We are facing new challenges and crises including intensifying competition with platform companies,” Chairman Yoon said in a ceremony held in honor of the 13th anniversary of KB Financial Group at its headquarters in Yeouido, Seoul earlier on the day. “Let’s create a No. 1 financial platform company that can received strong trust and big love from customers.”

Yoon suggested prioritizing: strengthening core competitiveness, building the best financial platform, ESG management, an open and creative corporate culture as implementation strategies.

First, Chairman Yoon emphasized the importance of securing differentiated competitiveness. “We need to expand our profit generation base by strengthening our advancement to rise to the top of the financial industry and core business models by business sector by enhancing the market position of each affiliate,” Yoon explained.

“Let’s transform KB Financial Group into the best financial platform company that can provide convenience, benefits and happiness to customers by turning all contacts with customers into omni-channels and providing seamless services,” Yoon said.

To this end, KB Financial Group plans to build the No. 1 financial platform centered on Star Banking to be launched in November and strengthen non-financial platforms such as Liiv Real Estate, KB Chachacha and Liiv Mobile.

“We need to create a sustainable tomorrow through ESG management and strengthen the roles of finance as a social safety net,” said Chairman Yoon, who had steadily emphasized shared growth and inclusive finance for small and medium-sized enterprises and small business owners through ESG management.

“A change is accelerating in the fourth industry,” Chairman Yoon added.

“Based on an open and horizontal corporate culture at KB Financial Group, employees are advised to secure best talent suitable for the digital era at KB Financial Group, a creative organization by studying hard and making endeavors.”

Moreover, KB Financial Group plans to cultivate talented people in the digital ICT field, establish a digital-based working method, and provide support for optimizing employees’ working environment.

“The only way to repay customers’ trust and support is to give them benefits, convenience, and joy through a customer-centered mind-set, differentiated products and services,” Chairman Yoon said. “Let’s work together to earn trust from customers across all affiliates.”

In the meantime, KB Financial Group announced on Oct. 15 that it has obtained approval for its carbon reduction goal from the Science Based Targets initiative (SBTi) on Oct. 14.

The SBTi is a global coalition organization jointly established by the Carbon Information Disclosure Project (CDP), the UN Global Compact (UNGC), the World Institute of Resources (WRI), and the World Wildlife Fund (WWF) in 2015.

The SBTi helps companies’ transition to a low-carbon economic profile by setting greenhouse gas emission reduction targets in line with climate science.

Through Science Based Targets (SBTs), companies express their intention to reduce their greenhouse gas emissions to limit global warming to well-below 2°C above pre-industrial levels and pursue efforts to limit warming to 1.5°C.

The SBTi’s approval for KB Financial Group’s goal is the first case among financial companies in Asia and the first among all Korean companies. So far, more than 970 companies around the world have received target approval from the SBTi but no financial companies have done that until KB Financial Group.

KB Financial Group plans to concentrate its capabilities on implementation, monitoring the results of the implementation and transparent communications with various stakeholders down the road as it has completed the planning process, which is a prerequisite for promoting carbon neutrality with the SBTi’s approval as a strong momentum.

“The approval by SBTi is a milestone implying that not only KB Financial Group but also all Korean companies will participate in putting forward strong effort to reduce carbon emissions,” Chairman Yoon said.

“In the future, KB Financial Group will tackle climate change and take the lead in the practical implementation of various plans to realize carbon neutrality and giving strong support to those who will work hard for carbon neutrality with customers and society.”