KB Kookmin Bank-Customs Service Sign 'Business Agreement for Creating a Safe Trade Transaction Environment'

Building a Trade and Foreign Exchange Anomaly Monitoring System by Combining Public and Bank Data
Expanding the Use of Trade Information and Creating a Safe Trade Transaction Environment

▲On the 18th, at the KB Kookmin Bank New Building located in Yeongdeungpo-gu, Seoul, Kwanghyo Ko, Commissioner of the Korea Customs Service (left), and Hwanju Lee, President of KB Kookmin Bank, are posing for a commemorative photo at the signing ceremony. Photo by KB Kookmin Bank.

KB Kookmin Bank announced on the 19th that it will enhance its trade and foreign exchange anomaly monitoring system through a business agreement with the Korea Customs Service.

At the signing ceremony held at the new building of KB Kookmin Bank on the same day, Ko Gwang-hyo, Commissioner of the Korea Customs Service, Lee Hwan-joo, President of KB Kookmin Bank, and other officials from both organizations attended and signed a "Business Agreement for Creating a Safe Trade Transaction Environment." This agreement aims to establish an effective monitoring system for anomalies related to trade and foreign exchange transactions.

The Korea Customs Service will build a platform for customs clearance and financial data exchange in collaboration with private specialized companies, while KB Kookmin Bank will develop a "Trade and Foreign Exchange Anomaly Monitoring System" utilizing data within the platform. This system is expected to perform more accurate anomaly monitoring tasks than existing systems by leveraging the bank's foreign exchange transaction information and the Customs Service's export data.

Going forward, the Korea Customs Service and KB Kookmin Bank plan to explore ways to utilize the data held by both parties and cooperate to create a safe trade transaction environment by promoting the "Trade My Data System," which allows trade companies to use their own export and import data.

Ko Gwang-hyo, Commissioner of the Korea Customs Service, stated, "I hope this public-private data-based cooperation project with KB Kookmin Bank will serve as a foundation for establishing a sound trade transaction order."

Lee Hwan-joo, President of KB Kookmin Bank, said, "I expect this agreement to lead to practical collaboration that can prevent damages to export and import customers," adding, "KB Kookmin Bank will continue to strive to create a safe trade transaction environment and promote export and import activities."

This content was produced with the assistance of AI translation services.