Kookmin Bank is planning to become the first bank in South Korea to offer crypto investment products to retail investors. This is the first investment fund offered by a bank in South Korea, and the fund content is expected to consist of cryptocurrency indices and ETFs.
On February 21, Kookmin Bank of Korea announced the establishment of a digital asset management preparatory committee to determine products and strategic capabilities related to digital assets and artificial intelligence investment funds. Kookmin Bank of Korea plans to launch crypto exchange-traded funds (ETFs) and futures products.
Honggun Kim, head of quantitative management at KB Index, confirmed the plans in an official press release from the bank. According to the research platform MacroTrends, as of September 2021, KB Financial Group was South Korea's largest company by net profit, with total assets of about $520 billion.
The current plan is to launch a cryptocurrency investment index fund and a fund that uses an outsourced chief investment officer (OCIO), also known as outsourced investment management, to provide security for principal investments. There is another way in which OCIO funds can be used, and that is pensions.
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