Opening Digital Bank Overseas
KB Kookmin Bank, one of Korea's leading lenders, said that it will open a global digital bank in Cambodia, named Liiv KB Cambodia, on September 29 in order to expand its digital technology-based financial business in Southeast Asia.
The Liiv KB Cambodia is a rechargeable wallet-based mobile bank which is open to everyone. It is an innovative model of fin-tech, the crossover between financial systems and technology.
The digital bank offers various financial services such as account transfer, cross-border remittance and P2P payment services as well as a variety of non-banking features like chatting service which is available in three languages, including Khmer, and letting people top up their pre-paid cell phones. It has also established the Korean level of security environments, such as vaccine program and virtual keypad.
Moreover, the bank has worked together with local mobile banking and e-money service providers to realize differentiated services in a bid to offer convenient and simple financial services which are geared toward local relevance. In order to expand its service network in Cambodia, it will enable its customers to withdraw money at automatic teller machines by forming business alliances with the nation’s leading players including Acleda Bank and Canadia Bank in the future.
Meanwhile, customers can download the Liiv KB Cambodia application through the Google Play Store or Apple App Store.
An official from KB Kookmin Bank said, “We will offer more diverse digital banking services by continuously promoting a business tie-up with local financial service providers and advancing services. We will keep developing specialized models according to regional expansion strategies and expanding our global digital banking business to other Southeast Asian countries.”