KB Kookmin Bank has newly joined the Mobile Virtual Network Operator Association. This is the first time a financial institution participates as a director in the association.
KB Kookmin Bank operates KB Live Mobile and is involved in key decision-making in the mobile virtual network operator industry through this board participation. The association, established in 2013, is a non-profit organization representing the mobile virtual network operator industry and is responsible for policy proposals and protection of rights.
Through this board change, KB Kookmin Bank has transitioned from a regular member to a director, and the number of directors in the association has been restructured to a total of 10 companies. The previous directors included 9 companies such as SmarteL, SK Telink, and LG HelloVision, and KB Kookmin Bank and Korea PMO have newly joined. KB Kookmin Bank received formal approval from the Financial Services Commission last year, starting with KB Live Mobile in 2019. Currently, there are about 430,000 subscribers, accounting for about 5% of the mobile virtual network operator market.
KB Kookmin Bank has been under pressure from small mobile virtual network operators in the association, but with the inauguration of new chairman Ko Myeong-soo, the influence of the financial sector in the mobile virtual network operator market has grown, creating a cooperative atmosphere. In particular, Woori Bank is also set to launch mobile virtual network operator services, expanding the market entry of the financial sector.