K bank becomes first to provide web firm banking services

K bank headquarters in central Seoul / Courtesy of K bank

By Anna J. Park

K bank has become the first local internet-only bank to launch web firm banking services. The digital bank announced on Monday that it has recently commenced offering firm banking services to an online second-hand market platform.

Firm banking refers to financial payment and settlement services provided by banks specifically tailored for a particular business or company. It involves a range of financial products and services designed to meet the unique needs of each company.

In particular, the internet-based service, which K bank provides to corporate clients, enables convenient access for users without requiring the installation of separate dedicated lines (for communication) or restricting service subscribers to utilizing specific lines. This also removes network usage fees, which come with firm banking services provided by other domestic banks.

Based on the strengths of web-based firm banking, K bank plans to increase the number of corporate partners relying on the bank's firm banking services and become a leader in the market.

“K bank has been enabled to provide an internet-based firm banking service, which also boasts a strengthened information protection by adopting various latest network security technologies,” an official from K bank said. “With continual innovation in IT technologies, K bank will provide differentiated solutions for partnering clients, solidifying its status as a leading digital financial platform.”