Kookmin Bank (KB) is taking initiative in South Korea to facilitate netizens with retail investment-based crypto investment products.
KB unveiled a new committee Digital Asset Management Preparatory Committee to determine product and strategy capabilities for digital assets and artificial intelligence investment funds. The bank is also planning to introduce crypto exchange-traded funds (ETFs) and futures products.
To stay in line with regulatory authority, the committee will also calculate risk factors associated with crypto and compliance issues for the investment funds.
The news was confirmed by KB head of index quant management Honggun Kim in an official statement. He said, “We will launch a virtual asset-themed equity fund, etc. We plan to publish periodicals as well.”
KB Financial Group, the largest firm in South Korea based on net profit, had staked $520 billion in total assets in its treasury.
The firm intends to launch a Crypto Investment Index fund as well as a fund that will use an outsourced chief investment officer (OCIO), also known as outsourced investment management. The OCIO fund may be used to leverage retirement pensions.
KB is preparing to launch new investment funds and products for its customers to enable them to take a dive into the highly receptive crypto and non-fungible token (NFT) market.
Last year, a report revealed that the South Korean Banks gained double revenue from the crypto transactions.
