KB Kookmin Bank Signs RFI Agency Contract with Yuanta Bank and Completes First FX Transaction

Taking the Lead in the Internationalization of the Korean Won
and Advancement of the FX Market
through Collaboration with Overseas Financial Institutions without Local Branches

KB Kookmin Bank announced on the 18th that it has completed the first FX transaction with Yuanta Bank, a Taiwanese financial institution with which it signed a Registered Foreign Institution (RFI) agency contract.

Last year, KB Kookmin Bank signed an RFI agency contract with Yuanta Bank, a Taiwanese financial company influential in the global financial market, and has been preparing in advance for FX transactions. Yuanta Bank has maintained continuous interest in the Korean foreign exchange market to utilize the Korean won, which is highly liquid, for currency hedging purposes.

Through the RFI agency contract, KB Kookmin Bank acts as an agent for Yuanta Bank’s reporting duties to the Bank of Korea, enabling Yuanta Bank to participate in the Korean won market through direct FX transactions with KB Kookmin Bank.

This transaction was conducted in line with the government’s policy to advance the Korean won. KB Kookmin Bank plans to support foreign financial institutions’ smoother access to the Korean foreign exchange market in preparation for inclusion in the World Government Bond Index (WGBI) this November, and will continue to collaborate with various financial companies to promote the internationalization and advancement of the Korean won.

A KB Kookmin Bank official stated, "This transaction with Yuanta Bank is significant as it marks the direct entry of an overseas financial institution without a physical presence in Korea into the Korean foreign exchange market. Starting with this FX swap transaction, we will expand financial dealings with Yuanta Bank and continuously strive to revitalize the Korean foreign exchange market."

This content was produced with the assistance of AI translation services.