KB Kookmin Bank Signs MOU with Bank of Communications for Connection to China's National Payment Network

At The Plaza Hotel in Jung-gu, Seoul, on the 1st, during the 'Korea Won-Yuan Direct Trading Market and Seoul Yuan Clearing Bank 11th Anniversary Conference,' (from left) Huang Weixin, CEO of Bank of Communications Seoul Yuan Clearing Bank, Tu Hong, General Manager of Bank of Communications, Song Byungchul, Vice President of Digital Sales Group at KB Kookmin Bank, and Kim Dongju, Manager of the Kookmin Wallet Unit (P) at KB Kookmin Bank, are posing for a commemorative photo. Provided by KB Kookmin Bank

KB Kookmin Bank announced on the 2nd that it has signed a memorandum of understanding (MOU) with the Bank of Communications Seoul Yuan Clearing Bank to connect with China's national payment network.

Through this agreement, KB Kookmin Bank will become the first bank in Korea to link with China's national payment network and plans to expand the 'KB Star Banking Overseas Payment Service' to China as early as January next year.

Currently, China is carrying out a project to establish a yuan QR payment system exclusively for foreigners, led by the National United Clearing Corporation (NUCC) with participation from local Chinese payment companies. KB Kookmin Bank and the Bank of Communications Seoul Yuan Clearing Bank will jointly handle the settlement of yuan payment funds, while NUCC will oversee payment operations within China.

The 'KB Star Banking Overseas Payment Service' is provided in partnership with the global payment network GLN, and currently enables convenient and secure local payments using QR codes in 11 countries and regions, including Thailand, Japan, Taiwan, Laos, Guam, Saipan, and Hawaii.

A representative from KB Kookmin Bank stated, "With this business agreement, we have established the foundation for stable and convenient QR payment services in China without the need for cumbersome procedures such as passport or credit card registration," adding, "We will continue to pursue customer-centered service innovation so that our customers can enjoy even more convenient and secure overseas payments in the future."

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