Kookmin Bank is all set to become the first bank in South Korea to offer it’s clients crypto investment services.
KB announced its plan for the formation of a Digital Asset Management Preparatory Committee to examine product and strategy capabilities for digital assets and AI investment funds. Crypto exchange-traded funds (ETFs) and futures products can be the prominent investment products to be launched by the bank. Risk and compliance issues will also be looked after.
Honggun Kim, the bank’s Head of Index Quant Management, stated that the Bank will launch a virtual asset-themed equity fund and it also intends to publish journals. According to the research platform MacroTrends, KB Financial Group, the country’s largest by net profit, had around $520 billion in total assets as of September 2021.
The current plan of the bank includes developing a crypto investment index fund and a fund that employs an Outsourced Chief Investment Officer (OCIO), also known as outsourced investment management, to provide primary investment facilities. Retirement pensioners will also be eligible to use OCIO funds.
KB plans to listen to a market that has become more eager towards crypto and nonfungible token (NFT) investments by introducing a new investment fund for its customers.
Can you imagine any Indian bank doing that? Comment below.
