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South Korean Kookmin Bank will shortly become the first bank on the Korean peninsula to bring crypto investment products to its retail customers.
In an official announcement on Monday, KB said that it had formed a Digital Asset Management Preparatory Committee to determine product and strategy capabilities of digital assets and artificial intelligence investment funds. The bank’s intentions are to launch crypto exchange-traded funds (ETF) and future contracts. The newly created Digital Asset committee will also advise on risk and compliance issues for the funds.
KB head of index quant management, Honggun Kim, noted in the press release:
“We will launch a virtual asset-themed equity fund, etc. We plan to publish periodicals as well.”
The banks also revealed it will start an outsourced chief investment officer (OCIO), or outsourced investment management, which can be used in retirement pensions by providing guarantees on principal investments.
KB Financial Group is South Korea’s largest firm by net profit and had about $520 billion in total assets by September 2021.