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| Korea Federation of Banks (KFB) Chairman Kim Kwang-soo, front row center, poses with Luxembourg Finance Minister Yuriko Backes, front row second from right, and officials from their respective sides during Backes' visit to KFB headquarters in central Seoul, Tuesday. Courtesy of KFB |
By Yi Whan-woo
Korea Federation of Banks (KFB) Chairman Kim Kwang-soo met Luxembourg Finance Minister Yuriko Backes and discussed ways of cooperation in the banking sectors of the two countries, the federation announced on Wednesday.
The areas of topics discussed ranged from conventional offline banking to digital banking, wealth management, and environmental, social and corporate governance (ESG) practices.
While no Korean banks are currently operating in Luxembourg, Kim noted that the small, land-locked country in Western Europe is a leading global financial hub and that it was considered a "bridge" by multiple banks for crossing into the European market before the 1997-98 Asian financial crisis.
"The chairman accordingly expressed hope to share Luxembourg's knowhow on nurturing digital banking and fintech, in which the Korean banking industry is deeply interested," the federation said.
In particular, the KFB chief wanted to work with Luxembourg House of Financial Technology, a public-private sector initiative dedicated to broadening the country's fintech industry.
Backes highlighted Luxembourg's solid financial health and unwavering growth momentum despite the COVID-19 pandemic and the Russia-Ukraine war that is heavily affecting Europe.
"The minister underlined that Luxembourg's strengths in finance offer a favorable business environment for Korean banks," the federation said, adding that the European country's areas of interest in bilateral cooperation center on corporate banking, wealth management and ESG management.
The Kim-Backes meeting took place as Luxembourg decided to set up its first embassy in Korea.
Kim welcomed the decision while Backes said the forthcoming diplomatic mission will be a channel to ensure active exchanges between the finance sectors of the two countries.
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