KB Financial Group to help expand Cambodia's digital financial sector

Yang Jong-hee, Chairman of KB Financial Group, met with former Cambodian Prime Minister Hun Sen to discuss cooperation in digital finance.

KB Financial Group Chairman Yang Jong-hee, left, poses for a photo with Hun Sen, head of the Senate in Cambodia and the former prime minister, during a meeting in Incheon on Wednesday. [KB FINANCIAL GROUP]

KB Financial Group Chairman Yang Jong-hee met with Hun Sen, the former prime minister of Cambodia and the incumbent chief of the country's Senate, to discuss potential cooperation with the Southeast Asian country in Incheon on Wednesday.

The current Senate president agreed to collaborate with KB Financial Group on the development of Cambodia's digital financial service sector during the meeting with Yang, according to the firm.

KB Financial Group also made a donation to the Hun Sen Scholarship Foundation, which supports college students from low-income households.

“KB will continue its commitment to further expanding the cooperation between the two countries and providing better financial services to Cambodian customers with our capabilities,” Yang said.

KB Kookmin Bank, the group’s flagship business, first entered the Cambodian market in 2009 with the establishment of KB Bank Cambodia, which merged with Prasac Mirofinance Institution to become KB Prasac Bank last year.

KB Financial Group agreed to collaborate with the Cambodian Central Bank on the establishment of a QR code-based payment system during Prime Minister Hun Manet's visit to Korea in May and is working with the country's Ministry of Labour and Vocational Training to provide loans to Cambodian workers dispatched overseas.

Hun Sen, who is in charge of the ruling Cambodian People's Party, served as the country’s prime minister for 38 years until 23.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]