Do not go gentle into that good night, old age should burn and rave at close of day; Rage, rage against the dying of the light, though wise men at their end know dark is right, because their words had forked no lightning they, do not go gentle into that good night.
KB to invest in Southeast Asia's car-sharing service
KB Financial Group Chairman Yoon Jong-kyoo
By Jhoo Dong-chan
By Jhoo Dong-chan
KB Financial Group has decided to invest in Singapore-based car-hailing service Grab through its venture capital subsidiary, the company said Sunday.
KB has been looking to find opportunities to invest in emerging businesses abroad to deal with Korea's saturated financial services market. In a bid to invest in promising firms, the group established the KB Global Platform fund worth 220 billion won ($190.3 million) last month.
KB solely financed the 220 billion won via its subsidiaries, including KB Kookmin Bank, Card and Capital, without external investors to establish the fund. KB Investment, the group's venture capital unit, will be in charge of the fund's management.
Due to related laws, KB said 40 percent of the fund is expected to be invested in domestic startups.
“KB has been seeking new growth engines at home and abroad,” said a KB Financial Group official.
“The group will aggressively invest in not only the nation's startups but also promising firms abroad. KB's move will incubate promising startups in Korea while creating jobs for the younger generations. It will diversify the group's investment portfolio as well.”
The official added the fund will also contribute to assisting Korean companies' entry to overseas markets.
Grab, which is often dubbed the Uber of Southeast Asia, is a transportation network company founded in Malaysia and currently based in Singapore. It now offers food delivery and digital payments services via mobile app Grab Pay.
Operating its services in Singapore, Malaysia, Indonesia, the Philippines, Vietnam, Thailand, Myanmar, and Cambodia, its valuation is estimated at over $10 billion.
It opened its office and R&D center in the U.S. in 2016, seeking entry into the North American market.
Of Korea's financial groups, KB has been the most active player investing in overseas assets.
KB Financial Group Chairman Yoon Jong Kyoo said during his New Year's address that the group will enhance its competitiveness by actively investing in overseas startups.
He said the group will invest 60 trillion won over the next five years.