Bank of Baroda on Wednesday said it has signed a memorandum of understanding (MoU) with KB Financial Group Inc. (KBFG), Korea, for a comprehensive business cooperation to establish In-Ko financing corridor and develop innovative digital payment ecosystem.

The MoU was signed during the India-Korea Business Forum on July 9, 2018 by P S Jayakumar, MD & CEO, Bank of Baroda and Yoon Jong-kyu, Chairman, KB Financial Group.

Jayakumar said, “Through this engagement, Bank of Baroda and KB Financial Group will work together on creating a new digital payments ecosystem in India and creating In-Ko corridor for providing reciprocal financial services to corporate and retail clients of Bank of Baroda and KB Financial Group. "

BoB, in a statement, said the proposed In-Ko corridor will have two legs -- ‘Corporate Leg’ comprising corporate finance, trade finance, correspondent banking relationship and establishing a dedicated Korean Desk at Bank of Baroda in India. The ‘Retail Leg’ will include local currency accounts, remittance facilities, digital payment services and financial assistance for consumption and asset purchase.

KB Financial Group and its subsidiaries, including KB Kookmin Bank (Korea’s #1 Bank) and KB Kookmin Card Co Ltd, provide a broad range of banking and related financial services to consumers and corporations primarily in Korea and in select international markets, including commercial banking operations, investment and securities operations, and real estate finance operations.

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