KB Kookmin Bank & Siam Commercial Bank to offer Financial Services in Thailand

By Gloria Mathias

KB Kookmin Bank, a partner of GLN International, has signed an MoU with SCB (Siam Commercial Bank) to provide enhanced financial services for customers using ‘KB Wallet’, the digital wallet of KB Kookmin Bank’s app while travelling in Thailand.

Under this new agreement, KB and SCB will collaborate on developing a novel financial model for cross-border payment infrastructure in both Korea and Southeast Asia. They will share financial technology and infrastructure expertise.

The two banks will cooperate on joint marketing efforts for customers using the ‘KB Wallet GLN’ (Global Loyalty Network) cross-border QR payment service, as well as the upcoming QR cash withdrawal (ATM) service in Thailand set to commence next year, which allows KB Kookmin Bank customers to freely withdraw local currency at SCB Bank ATMs in Thailand and SCB Bank customers to do the same at KB Kookmin Bank ATMs in Korea.

The ‘KB Wallet GLN’ cross-border QR payment service, launched in June, has rapidly gained popularity among Korean travellers visiting Thailand due to features such as foreign currency (USD) payments, favourable exchange rates, and cashback promotions.

A representative from KB Kookmin Bank expressed their delight with the collaboration with Thailand’s digital bank, SCB, stating, “We are pleased that our customers will have convenient QR payment and ATM withdrawal services in Thailand through this business agreement.” They also mentioned their commitment to continuously striving to provide customers with cutting-edge cross-border financial services through various collaborative projects.

In June, KB Kookmin Bank partnered with GLN International, a global payment network provider, to introduce a service that enables Korean travellers to use convenient and secure payments through local QR codes and barcodes in overseas destinations such as Thailand, Taiwan, Hong Kong, Singapore, Laos, Guam, and Saipan via the ‘KB Wallet’.

With only a simple account connection registration, users can freely make mobile payments in the local currency or foreign currency (USD) without the need for separate currency exchanges and at lower fees than traditional credit card payments.