Public sector
lender Bank of Baroda on
Wednesday said it has inked an agreement with South Korea's KB Financial Group
to set-up financing corridor and development of digital payment ecosystem.
"Bank of Baroda
signed a Memorandum of Understanding (MoU) with KB Financial Group Inc (KBFG),
Korea, for comprehensive business cooperation between the two organisations to
establish In-Ko financing corridor and development of innovative digital payment
eco-system," the bank said in a release.
The
MoU was inked on July 9 during India-Korea Business Forum. It was inked between
Bank of Baroda MD & CEO PS Jayakumar and Yoon Jong-Kyum Chairman, KB
Financial Group.
"Through this
engagement, Bank of Baroda and KB Financial Group will work together on
creating a new digital payments ecosystem in India and creating the In-Ko
corridor for providing reciprocal financial services to corporate and retail
Clients of Bank of Baroda and KB Financial Group," Jayakumar said in the
statement.
He said the bank will
work jointly with KB Financial Group by leveraging the potential synergies
generated between Bank of Baroda's diverse domestic network and KB's business
relations with Korean conglomerates.
In line with India's
vision of look east and digital India, the proposed In-Ko corridor will have
two legs-- corporate and retail. The former will comprise of corporate finance,
trade finance, correspondent banking relationship and establishing
a dedicated Korean desk at the bank.
The retail leg will
include local currency accounts, remittance facilities, digital payment
services and financial assistance for consumption and asset purchase.
KB Financial Group and
its subsidiaries, including KB Kookmin Bank and, KB Kookmin Card Co Ltd,
provide a broad range of banking and related financial services to consumers
and corporations primarily in Korea.
It
also caters to selected international markets in services like commercial
banking operations, investment and securities operations, real estate and
finance operations.
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