Asia: India’s Bank of Baroda set to partner with South Korea’s KB Financial Group

KB Financial Group and India’s state-run lender Bank of Baroda are set to form a joint-venture with the former looking to tap into India’s emerging market.

From a retail banking standpoint, the partnership will include remittance facilities, local currency accounts, digital payment services and loans for asset purchase and consumption.

In line with India’s ongoing initiative to push for a cashless society, the two banks will focus on innovating India’s digital payments business which includes issuing of new branded cards which will encompass personal and corporate banking.

Signing up for credit cards is currently one of the top 5 products that Indians are likely to take up. With KB Financial Group’s banking unit, KB Kookmin Bank is recognised as one of the top providers of credit cards in South Korea, it is likely that the efforts of both banks to issue new cards would be a successful venture.

CEO & MD of Bank Baroda, PS Jayakumar mentioned, “Bank of Baroda and KB Financial Group will work together on creating a new digital payments ecosystem in India and provide reciprocal financial services to corporate and retail Clients of Bank of Baroda and KB Financial Group”.

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