KB Kookmin Bank Signs MOU with Siam Commercial Bank in Thailand to Provide Tailored Overseas Financial Services

November 15, 2023 12:00 PM AEDT | By Cision

KB Kookmin Bank Signs MOU with Siam Commercial Bank in Thailand to Provide Tailored Overseas Financial Services — Image source: Kalkine Media

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SEOUL, South Korea, Nov. 15, 2023 /PRNewswire/ -- KB Kookmin Bank, a strategic partner of GLN International, announced that it signed an MOU with SCB (Siam Commercial Bank) to provide enhanced financial services for customers using 'KB Wallet', the digital wallet on the KB Kookmin bank's banking application, while traveling in Thailand.

Under this new agreement, KB and SCB will collaborate on developing a novel financial model for cross-border payment infrastructure in both Korea and Southeast Asia. They will share financial technology and infrastructure expertise. Initially, they will cooperate on joint marketing efforts for customers using the 'KB Wallet GLN' (Global Loyalty Network) cross-border QR payment service, as well as the upcoming QR cash withdrawal (ATM) service in Thailand set to commence next year, which allows KB Kookmin Bank customers to freely withdraw local currency at SCB Bank ATMs in Thailand, and SCB Bank customers to do the same at KB Kookmin Bank ATMs in Korea.

Thailand, known for its popularity among Korean tourists, drew approximately 300,000 Korean visitors during the summer vacation season from July to August. The 'KB Wallet GLN' cross-border QR payment service, launched in June, has rapidly gained popularity among Korean travelers visiting Thailand due to features such as foreign currency (USD) payments, favorable exchange rates, and cashback promotions.

A representative from KB Kookmin Bank expressed their delight with the collaboration with Thailand's digital leading bank, SCB, stating, "We are pleased that our customers will have convenient QR payment and ATM withdrawal services in Thailand through this business agreement." They also mentioned their commitment to continuously striving to provide customers with cutting-edge cross-border financial services through various collaborative projects.

In June, KB Kookmin Bank partnered with GLN International, a global payment network provider, to introduce a service that enables Korean travelers to use convenient and secure payments through local QR codes and barcodes in overseas destinations such as Thailand, Taiwan, Hong Kong, Singapore, Laos, Guam, and Saipan via the 'KB Wallet'. With only a simple account connection registration, users can freely make mobile payments in the local currency or foreign currency (USD) without the need for separate currency exchanges and at lower fees than traditional credit card payments.

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