KB Digital Lab: KB financial Group Assists Fintech Businesses in US with Global Start-Ups | BusinessKorea

Wednesday, October 18, 2017

From left, Jung Sung-ho, a senior director of KB Kookmin Card and Jay Yun, CEO of UMS, Lee Nam-hong, director of KB Kookmin Card are posing for a photo at the head office of KB Kookmin Card in Seoul on April 18.
From left, Jung Sung-ho, a senior director of KB Kookmin Card and Jay Yun, CEO of UMS, Lee Nam-hong, director of KB Kookmin Card are posing for a photo at the head office of KB Kookmin Card in Seoul on April 18.
SEOUL,KOREA
20 April 2017 - 11:45am
Jung Min-hee

The KB Financial Group will establish KB Digital Lab to push forward with various fintech businesses with global start-ups in the United States. The decision was made after Yoon Jong-kyu, chairman of the KB Financial Group toured Silicon Valley in the US for one week last month.

According to the KB Financial Group on April 19, KB Kookmin Card will establish KB Digital Lab in cooperation with UMS, a credit card company with the largest number of Korean merchants in the United States. It is said that KB Digital Lab will play a role as a global digital innovation strategy base such as by carrying forward the fintech business in connection with global start-ups.

"KB Kookmin Card will make various efforts to build a new success model of entering overseas markets with digital Innovation in concert with KB Kookmin Group's affiliated companies," said an official of KB Kookmin Card.

KB Kookmin Card struck a strategic alliance deal with UMS to establish a joint venture and go ahead with joint business. Through this alliance, Kookmin Card will be able to provide various financial services to UMS’s merchants. The two entities also agreed to push forward with the expansion of businesses through equity investment and M&As, consulting services for local merchants based on big data, and the development of new businesses through collaboration with KB Financial Group affiliates

 

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