KB Kookmin Card announced on Sept. 7th that it has surpassed one trillion won in global operating assets in the four years since it advanced into Southeast Asia.
Total global assets crossed one trillion won as of the end of June 2022. Its operating assets also exceeded one trillion won at the end of August 2022.
Net profit in the overseas business in the first half of this year reached 12.1 billion won, up eight times from 1.5 billion won in the same period of 2021.
Accordingly, KB Kookmin Card achieved balance between quantitative growth and profitability for sustainable growth.
Starting with Cambodia in 2018, KB Kookmin Card has been continuously expanding its overseas business by entering Indonesia in 2020 and Thailand in 2021.
It has been strengthening its competitiveness through a post-merger integration (PMI) strategy, localization by forming a cultural consensus with overseas employees and the head office’s supports for financing and risk management.
KB Kookmin Card established KB Daehan Specialized Bank, a special bank, in Cambodia in 2018.
Since then, it has established a fast and efficient loan process in the new and used car financing service markets and conducted better marketing for vehicle dealers, ranking first among special banks in Cambodia in terms of loan assets.
KB Kookmin Card acquired KB Finansia Multi Finance, a company specializing in motorcycle mortgage loans and installment financing for durable goods in Indonesia, in July 2020. Since then, KB Finansia Multi Finance is taking off as a top-tier financial company in Indonesia’s multi-finance industry.
It has done so by cutting down on procurement costs through payment guarantees, improving product quality and ramping up high-quality assets through the expansion of its sales force.
In Thailand, KB Kookmin Card set up KB J Capital with its partner Jaymart Group in 2021. KB J Capital provides financial services including personal loans, mobile loans, and car registration loans in Thailand.
Integration of KB Pay
KB Kookmin Card completed the first phase of building One Platform that integrates all services into KB Pay. By the end of this year, the MyData platform will also be integrated into KB Pay.
KB Kookmin Card announced on Sept. 10 that it has integrated all services provided by the KB Kookmin Card mobile application into KB Pay.
KB Kookmin Card executed an upgrade of KB Pay from Sept. 30 to the beginning of October and the upgrade was completed after monitoring it for about 10 days.
Even after the integration, the existing mobile home app service will come to an end by the end of this year to prevent user confusion.
With this integration, KB Pay has improved its structure from a payment-oriented platform to a comprehensive financial platform that includes both financial and non-financial contents.
The Liiv Mate app, a MyData platform, will also be integrated within this year, so that customers will be able to use all services provided by KB Kookmin Card through KB Pay App.
KB Kookmin Card completed the first phase of building One Platform that integrates all services into KB Pay. (Photo: Kookmin Card)
Credit Card Processing for Jeonbuk Bank
KB Kookmin Card announced on Sept. 5 that it has successfully launched its first credit card processing business for Jeonbuk Bank.
The credit card processing project went through a beta test for six months this year in order to strengthen its system stability.
It has successfully settled after stabilization and monitoring period of one month.
In the future, beyond simple card processing, to strengthen business partnerships for qualitative growth, collaboration will continue to meet the needs of customers, such as supporting new product development, holding joint marketing events, and implementing strategic marketing support policies.
KB Kookmin Card built new credit card processing infrastructure to provide the credit card processing service.
Through this, its processing business areas were expanded beyond prepaid cards and check cards to the credit card area with the competitiveness of the processing business boosted through this business.
This processing work has enabled Jeonbuk Bank card users to use KB Pay, a representative smartphone app of Kookmin Card online and offline.
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