LG Uplus and KB Kookmin Bank Develop Products Combining Telecom and Finance

LG Uplus announced on the 8th that it signed a strategic business agreement (MOU) with KB Kookmin Bank at the KB Kookmin Bank headquarters in Yeouido through a combined telecommunications and financial partnership.

Hwang Hyun-sik, Head of the PS Division (Executive Vice President) at LG Uplus, who attended the signing ceremony on this day, stated, “Through the business agreement between the two companies, we will combine the capabilities of a telecommunications company and a bank to provide differentiated benefits to customers,” adding, “We plan to launch partnership financial products and data value-added products with KB Kookmin Bank in April or May.”

Both companies announced that they plan to design new products focused on long-term customer benefits by combining telecommunication services, such as data provision, with fee waivers, going beyond existing temporary benefits that reduce the burden of initial device purchases.

In addition, LG Uplus and KB Kookmin Bank provide information on partnership products and subscription services at their stores, and also pursue joint marketing, such as online promotion through both companies' websites.

Oh Pyung-seop, Head of the Personal Customer Group at KB Kookmin Bank, said, “As finance and telecommunications are essential services that accompany customers’ lives, we plan to design products to continuously provide services that support their daily lives,” adding, “In addition to product launches, we will strive to ensure that joint marketing and the development of new services with LG Uplus continue.”

Meanwhile, LG Uplus has recently introduced superior network technologies, such as the world's first commercial network application of '256QAM' technology, which improves speed and network capacity by 33% within the same frequency bandwidth.It is pursuing a leading strategy, such as launching a groundbreaking rate plan that provides the industry's largest amount of video-only data.