Korea's best bank for SMEs 2022: KB Kookmin Bank
KB Kookmin Bank
KB Kookmin Bank has boosted its support for small and medium-sized enterprises at incredible speed in recent years, with a tilt towards South Korea’s blossoming technology sector.
Take TMAP Mobility, a digital platform that scored W200 billion ($150 million) in funding from KB Kookmin in August 2022.
TMAP Mobility, a joint venture created by Uber and SK Telecom, provides platforms for parking, advertising, transportation and other services. It is a reminder of the unicorn frenzy altering the face of Korea Inc right now.
It also shows how KB Kookmin, led by chief executive Hur Yin, is setting itself up for the next wave of SMEs, while taking care of legacy clients across sectors.
In July 2019, the bank rolled out a mobile app for SMEs. At a showy ceremony, the team touted the KB Bridge app, linking the owners of small businesses with bank services, potential partners and government policy funds supporting the sector.
KB Kookmin’s interest in TMAP Mobility speaks volumes about the bank’s determination to support innovation from the ground up. The bank is already working with the firm on a microcredit service for platform-based gig workers.