KB Kookmin Bank is joining hands with SAP Korea to build an embedded finance service that allows financial tasks to be processed within companies' enterprise resource planning (ERP) systems.
KB Kookmin Bank said on Sept. 21 it signed a memorandum of understanding with SAP Korea on Sept. 18 at the bank's new building in Yeouido, Seoul, to jointly create an ERP embedded finance ecosystem.
SAP Korea is the South Korean unit of global enterprise software company SAP. It provides corporate resource management and cloud, data and artificial intelligence (AI)-based digital transformation solutions.
The two companies plan to build an ERP-linked embedded finance service and strengthen links with transaction banking that supports corporate cash management and financial transactions.
They also plan joint marketing using their corporate customer bases and will seek to win new corporate customers.
A KB Kookmin Bank official said, "We will combine SAP Korea's ERP competitiveness with KB Kookmin Bank's embedded finance capabilities to create an environment where corporate customers can use financial services more conveniently."
Ji-young Lee
ljy@d-today.co.kr