South Korea’s KB bank forms committee to offer country’s first crypto funds

Kookmin Bank, one of the four largest banks in South Korea, is now planning to become the first in the country to offer crypto investment products.

Announcing its plans on Monday, the bank has formed a task force called ‘Digital Asset Management Preparatory Committee’ to prepare the launch of digital asset products. The committee will be divided into nine departments, including product, compliance, risk, and strategy, to research the current domestic and overseas digital asset market.

While South Korean banks are currently restricted from offering crypto trading services, the bank aims to launch the products as soon as favorable regulations take effect.

Honggun Kim, the bank’s Head of Index Quant Management, revealed KB’s plans to offer crypto ETFs and futures products. “We will launch a virtual asset-themed equity fund, etc. We plan to publish periodicals as well,” Kim confirmed.

Furthermore, KB Asset Management, a subsidiary of KB Financial Group, is developing an asset allocation fund that employs an Outsourced Chief Investment Officer (OCIO) to offer guarantees on principal investments. Plans to offer a crypto investment index fund are also underway.

With over $520 billion in assets under management as of September 2021, KB Financial Group is the largest South Korean financial group by net profit.

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