Partnership aims to improve overseas remittance services for foreign customers

Baek Ki-hyun, head of KB Kookmin Bank's foreign exchange business division (third from left), and Jennifer Barker, BNY's global head of payments and trade finance (fourth from left), pose for a photo at the signing ceremony for a strategic MOU on cross-border digital asset payment and remittance service innovation, held Monday (local time) at the Miami Beach Convention Center in Florida. [KB Kookmin Bank]
Baek Ki-hyun, head of KB Kookmin Bank's foreign exchange business division (third from left), and Jennifer Barker, BNY's global head of payments and trade finance (fourth from left), pose for a photo at the signing ceremony for a strategic MOU on cross-border digital asset payment and remittance service innovation, held Monday (local time) at the Miami Beach Convention Center in Florida. [KB Kookmin Bank]

KB Kookmin Bank announced Tuesday that it has signed a strategic MOU with Bank of New York Mellon (BNY) to advance innovation in cross-border digital asset payments and remittance services.

The agreement aims to get ahead of the digital transformation sweeping global financial markets and build a framework for expanding innovative global payment services.

Under the MOU, the two institutions will work to improve overseas remittance services for foreign customers.

KB Kookmin Bank plans to leverage BNY's global payments network and "Pay to Wallet" capabilities to offer tailored overseas remittance services to foreign nationals and international students.

The two sides also plan to pursue wide-ranging cooperation by combining their respective global networks and foreign exchange and payment capabilities to enhance the cross-border payment experience.

KB Kookmin Bank has been strengthening its ties with the digital asset industry, most recently co-hosting a digital asset conference with Kakao Group.

"We have built a foundation for cooperation in overseas payment innovation with a trusted global partner," a KB Kookmin Bank official said. "Going forward, we will lead financial innovation by delivering differentiated digital financial services in the areas of digital payments, digital assets and next-generation financial infrastructure."


hyuk@heraldcorp.com