Kookmin Bank Continues MVNO Business... Financial Services Commission Accepts Request for Regulatory Improvement

At the launch event for KB Kookmin Bank's budget phone brand 'Liiv M' held on the 28th at Banyan Tree Club & Spa Seoul in Jung-gu, Seoul, attendees are participating in the launch ceremony. From the left: Ha Hyun-hoe, Vice Chairman of LG Uplus; Heo In, President of KB Kookmin Bank; Son Byung-du, Vice Chairman of the Financial Services Commission; Yoon Jong-kyu, Chairman of KB Financial Group; Lee Tae-hee, Director of the Telecommunications Policy Bureau at the Ministry of Science and ICT; Choi Sung-ho, Director of the User Policy Bureau at the Korea Communications Commission. Photo by Moon Ho-nam munonam@

KB Kookmin Bank will be able to continue its budget phone business service, "Liiv Mobile (Liiv M)." This follows the designation of the budget phone business, which had been conducted under the regulatory sandbox project, as an ancillary business of the bank.

On the afternoon of the 12th, the Financial Services Commission held a regular meeting at the Government Complex Seoul in Jongno-gu, Seoul, and announced that it had agreed to accept Kookmin Bank's request for regulatory improvements related to its simple and affordable financial-telecommunication convergence service.

Kookmin Bank's Liiv M was designated as the first innovative financial service in April 2019 and was extended once in 2021. As the designation period was approaching expiration, Kookmin Bank requested related regulatory improvements to continue providing the service.

Accordingly, the Financial Services Commission plans to revise the laws through an ancillary business announcement once Kookmin Bank registers the budget phone service as an ancillary business. Until the revision work is completed (up to 1 year and 6 months), the designation period for the innovative financial service will be considered as not expired, allowing the service to continue.