KB Kookmin Bank is collaborating with the Korea Customs Service to enhance their trade and foreign exchange transaction monitoring system. On the 18th, at the Yeouido headquarters in Seoul, KB Kookmin Bank announced that they had signed a ‘Business Agreement for the Creation of a Safe Trade Transaction Environment’ with the Korea Customs Service. The agreement ceremony was attended by officials from both organizations, including Ko Gwang-hyo, Commissioner of the Korea Customs Service, and Lee Hwan-ju, CEO of KB Kookmin Bank.
This agreement focuses on enhancing the transparency of trade and foreign exchange transactions and improving the precision of the anomaly detection system. The Korea Customs Service will establish a platform for customs and financial data exchange in cooperation with private sector specialists, while KB Kookmin Bank will develop a trade and foreign exchange anomaly monitoring system using this data. By combining the bank’s foreign exchange transaction information with the customs service’s import and export data, it is expected that more precise monitoring will be possible.
Both organizations plan to cooperate on the activation of the ‘Trade My Data System,’ allowing trade companies to utilize their own import and export data. This is expected to enable companies to manage trade risks more systematically.
Ko Gwang-hyo, the Commissioner of the Korea Customs Service, stated, “I hope that the cooperation with KB Kookmin Bank will serve as an important foundation for establishing a sound trade transaction order.” Lee Hwan-ju, CEO of KB Kookmin Bank, said, “This partnership will prevent damage to export and import customers and produce substantial results. We will continue to do our best to create a safe trade transaction environment and promote exports and imports.”