The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
  • Beijing Olympics
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Finance
  • Companies
  • Economy
  • Markets
Wed, February 2, 2022 | 21:53
Companies
Kookmin Bank to sell budget phones
Posted : 2019-08-04 17:10
Updated : 2019-08-04 18:14
Print Preview
Font Size Up
Font Size Down
By Kim Bo-eun

KB Financial Group Chairman Yoon Jong-kyoo
KB Financial Group Chairman Yoon Jong-kyoo
KB Kookmin Bank is set to launch a "budget phone" business as early as September, the bank said Sunday.

Budget phone offer low-cost plans, currently between the range of 5,000 won and 35,000 won a month. About 8 million people own budget phones, or 12 percent of the mobile phone market

The financial authorities began allowing banks to rent network space from mobile carriers to offer telecommunications services from April.

Kookmin Bank is in discussion with LG Uplus to use the mobile carrier's network to launch the service.

"Our plan is to expand our customer base, by enabling them easier access to KB affiliates with the phones," a Kookmin Bank official said.

"We also plan on offering our customers benefits in telecommunications services," he said.

KB Financial Group has seven affiliates including the bank, brokerage, non-life insurer, card issuer, life insurer, capital firm and savings bank. The bank official said purchasers of a Kookmin budget phone will get a USIM chip that will enable them to skip existing verification processes when accessing financial services.

The bank is expected to enable users to get discounts on phone bills for using Kookmin's services.

While the Kookmin Bank official declined to elaborate, the bank is expected to target young mobile phone users, to secure more young customers for KB.

Currently, the majority of budget phone users are elderly.

Kookmin may seek to offer unlimited data plans in order to attract young customers, and it may offer 5G services.

However, the bank official said the purpose of the budget phone initiative was to provide affordable plans, and that offering 5G would likely bring up costs.

Currently, none of the budget phones on the market offer 5G services.

Meanwhile, mobile carriers' attention is growing over the impact of Kookmin joining the budget phone market.

LG Uplus' plan to acquire CJ Hello, the smallest mobile carrier handling budget phones, is set to affect the market.

Kookmin has shown continued interest in the telecommunications sector. In 2003, Kookmin enabled a chip-embedded mobile phone incorporating the LG Uplus predecessor LG Telecom's telecommunications service to provide users access to Kookmin Bank accounts, and enable them to transfer funds.

Last year, it introduced a financial services-specialized smartphone, with Samsung Electronics and mobile carrier SKT.


Emailbkim@koreatimes.co.kr Article ListMore articles by this reporter



 
  • Lunar New Year: A time for 'manly sport'
  • Metaverses, shamanism and Christianity
  • A closer look at COVID-19 home treatment in Korea
  • Korea urged to explore ways to reduce China reliance
  • Indian students in Korea feel pinch due to soaring airfare
  • Daily life in Beijing as 2022 Winter Olympic Games kick off [PHOTOS]
  • Market Kurly, SSG.com uneasy about IPO amid plunging stock market
  • The crisis of democracy: John Adams and Plato
  • Israeli, German embassies pay tribute to Holocaust victims
  • Woowa Brothers pressed to earn more for Delivery Hero
  • Dark side of non-celebrities shooting to fame on reality TV shows Dark side of non-celebrities shooting to fame on reality TV shows
  • [INTERVIEW] Choi Woo-shik shares pressure of returning to TV with 'Our Beloved Summer' [INTERVIEW] Choi Woo-shik shares pressure of returning to TV with 'Our Beloved Summer'
  • Not-to-miss art exhibitions, fairs in 2022 Not-to-miss art exhibitions, fairs in 2022
  • Singer Chris Brown sued for rape Singer Chris Brown sued for rape
  • Jimin of BTS tests positive for COVID-19 Jimin of BTS tests positive for COVID-19
DARKROOM
  • Daily life in Beijing as 2022 Winter Olympic Games kick off [PHOTOS]

    Daily life in Beijing as 2022 Winter Olympic Games kick off [PHOTOS]

  • Celebrating Lunar New Year amid the ongoing pandemic

    Celebrating Lunar New Year amid the ongoing pandemic

  • Daily life in Afghanistan under Taliban rule

    Daily life in Afghanistan under Taliban rule

  • How snow looks around the world

    How snow looks around the world

  • Pictures of the year 2021

    Pictures of the year 2021

The Korea Times
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Location
  • Media Kit
  • Contact Us
  • Products & Service
  • Subscribe
  • E-paper
  • Mobile Service
  • RSS Service
  • Content Sales
  • Policy
  • Privacy Statement
  • Terms of Service
  • 고충처리인
  • Youth Protection Policy
  • Code of Ethics
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group