KB Kookmin Bank recognised for its customer dedicated trade finance services as it wins Best Trade Finance Bank in South Korea at The Asian Banker Transaction Awards Programme 2019
- Strong growth in trade finance business metrics and market share
- A special SME/SOHO Customer Group to optimize organization structure for trade corporates customers
- Developed a trade finance ecosystem
Bangkok, May 30th, 2019—KB Kookmin Bank received the award for Best Trade Finance Bank in South Korea at The Asian Banker Transaction Awards 2019. The award ceremony was held in conjunction with the prestigious Future of Finance Summit 2019, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held at the Shangri-La Hotel, Bangkok, Thailand.
Strong growth in trade finance business metrics
KB Kookmin Bank leverages its extensive branch network in South Korea with unrivalled customer base, stable capital base and unparalleled distribution network. Trade finance market share for KB Kookmin Bank grew strongly in 2018 as business volumes increased by more than $6 billion than that of previous year. This growth was led by higher onboarding of corporates which contribute to more than 85% to trade finance volumes.
A special SME/SOHO Customer Group to optimize organization structure for trade corporates customers
KB Kookmin Bank built a special SME/SOHO Customer Group to optimize organization and operational structure for trade corporates customers, which has four divisions, namely Foreign Exchange Business Division, SME/SOHO Customer Department, Corporate Product Department and Technology Finance Department. By integrating these business functions under the umbrella of one SME/SOHO Customer Group, it aims to optimize customer segment & sales channel and expand its existing customer base. It strengthened price/non-price merchandise to raise trade finance competitiveness with increasing number of special products. For example; Refund Guarantees, a bank guarantee that, if the ship builder for any reason fails to refund the advance installments of the contract price paid by the buyer, the bank will refund those installments on the builder’s behalf. Such supply chain finance products strengthen relationship between buyer and its suppliers.
Developed a trade finance ecosystem
KB Kookmin Bank was the first bank in Korea to develop a trade finance ecosystem. It launched KB One Trade Service, which is a fully-integrated electronic trading service that makes available a one-stop business service covering customs clearance, forwarding and preparing documents, all without the need to visit a bank branch. Driven by web-based collaboration, this service enables to transmit documents and apply transactions electronically to KB Kookmin Bank, customs brokers and forwarders where customers can generate various trade documents automatically by inputting data into KB One Trade system, leveraging Business Process Automation. The KB One Trade Service also allows customers to check transactional information on a real-time basis.
The Asian Banker Transaction Awards Programme, refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind in Asia Pacific. Recipients of these awards are honoured in a gala event that recognises their efforts in bringing superior products and services to their customers. A stringent and comprehensive evaluation process determines the awardees. For specific details relating to description of the awards, evaluation criteria and process, kindly visit http://www.asianbankerawards.com/transactionawards/index.php
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services, and forums.
You may view all Business Achievement and Bankers’ Choice Awards 2019 photos at https://bit.ly/2WcifTO
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker