KB Financial chairman pins hopes on mobile app

KB Financial Group Chairman Yoon Jong-kyoo stressed the need to strengthen its mobile-based financial platform to compete with exclusively online banks.

KB Financial Group Chairman Yoon Jong-kyoo, center in the front row, poses with employees at an event Wednesday at the group's headquarters in Yeouido, western Seoul. [KB FINANCIAL GROUP]

KB Financial Group Chairman Yoon Jong-kyoo stressed the need to strengthen its mobile-based financial platform to compete with exclusively online banks.

In a speech Wednesday marking the financial group's 13th anniversary, Yoon said he want's the group's new mobile banking app, to be launched in mid-October, to become the country's No. 1 financial platform.

"The local financial industry is facing tough competition from mobile platform operators as going mobile becomes more important," Yoon said. "New challenges await us with the third internet-only bank, Toss Bank, entering the market."

Yoon said it will be important to link its financial platforms and non-financial platforms. The group operates a number of non-financial services via apps such as real estate market tracker Liiv Real Estate and used car trading platform dubbed KB Chachacha.

"We hope to discover new sources of profit in overseas markets," Yoon continued. "Let's expand our area of business in Southeast Asia, where our business has a lot of growth potential."

Yoon also touched on the growing importance of environmental, social, and governance (ESG)-related management.

"ESG management has become a must for the survival of a company considering the changes in the market environment and consumer preferences," Yoon said.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]