KB Kookmin Bank has announced the signing of a memorandum of understanding with Thailand’s Siam Commercial Bank (SCB). Through this partnership, the two institutions intend to share financial technologies and infrastructure, developing a new financial model for creating a borderless payment infrastructure in Southeast Asia.
Customers of KB Kookmin Bank will be able to withdraw local currency freely from SCB Bank ATMs in Thailand, and conversely SCB customers can do the same from KB Kookmin Bank ATMs in South Korea.
Thailand is a popular destination for Korean tourists, with approximately 300,000 South Koreans visiting during the summer vacation period from July to August. The Kookmin Wallet GLN overseas payment service, launched last June, has seen a significant increase in usage within Thailand due to features like foreign currency (USD) payments, favorable exchange rates, and cashback events.
A representative from KB Kookmin Bank expressed excitement about the MOU with Thailand’s digital leading bank, SCB, saying, “We are delighted that our customers will enjoy convenient payment and ATM withdrawal services in Thailand. We will continue to work on various cooperative projects to provide our customers with innovative and differentiated service experiences.”