KB Kookmin Bank said on April 9 it will carry out overseas remittance work based on the Foreign Exchange Stabilisation Fund executed by the National Police Agency, as it moves to expand public-sector foreign exchange business.

The Foreign Exchange Stabilisation Fund is a policy fund used to maintain stability and balance in the foreign exchange market. Unlike ordinary overseas remittances, it requires strict procedures for fund verification and a management system.

Because it includes funds for international cooperation purposes, such as Interpol-related money for responding to international crime and supporting investigations, financial infrastructure and internal control capabilities are seen as key factors for stably handling overseas payments of state-agency funds.

KB Kookmin Bank took on the work based on its experience in handling foreign exchange business for public institutions and its global payment network. The bank said it has a foundation to enhance the stability and accuracy of public foreign exchange transactions through fund flow management and an internal control system.

KB Kookmin Bank plans to use the overseas remittance work to expand operating experience in public-sector foreign exchange business and to steadily strengthen its capabilities to handle overseas remittances linked to policy funds. It also plans to gradually broaden the basis for providing foreign exchange services to public institutions.

A KB Kookmin Bank official said, "Accuracy and stability are most important in foreign exchange transactions involving public funds." The official added, "We will continue to strengthen our foreign exchange service capabilities to improve the stability and credibility of public foreign exchange services."