South Korea’s KEB Hana Bank to Embrace Digitalization

April 11, 2019

CEO of South Korea’s KEB Hana Bank, Ji Sung-kyoo, has revealed that the commercial bank is set to embrace digitalization and globalization.

The new CEO of KEB Hana announced that the bank will transform its business to become a data company, with teams of experts already tasked with the development of digital technologies, including artificial intelligence, big data, and blockchain.

Ji said during a press conference at KEB Hana Bank’s headquarters in Seoul, “Our goal is not to adopt a ‘digital touch’ while retaining our traditional banking business, but to transform ourselves from a commercial bank to a data company from the core. We believe this is a path that separates our ‘digitalization’ strategy from that of other banks or companies.”

Next month, KEB Hana Bank is also preparing to launch its “Global Loyalty Network” platform in Taiwan, a system powered by blockchain technology. The platform will allow users to make transactions with digital cash across multiple countries through partnerships with third-party companies.

The CEO expects the new payment system to offer more convenience for customers in South Korea and overseas.

Ji added that the bank is aiming to enter into more partnerships with non-banking companies. KEB Hana has already signed agreements with mobile messaging giant LINE to form a digital bank in Indonesia, expanding its presence outside of South Korea.

Other countries that KEB Hana has planned for expansion include India and China, as well as other ASEAN countries such as the Philippines, Vietnam, and Cambodia.


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