KB Kookmin Card Co. said Thursday it is pushing to tap into Myanmar's credit card market after getting the nod to set up an office in the Southeast Asian country.
KB Kookmin Card, a unit of South Korea's banking giant KB Financial Group Inc., said it won approval from Myanmar's central bank the previous day to establish a representative office there.
The card issuer said it plans to take a step-by-step approach since Myanmar has yet to open its credit card and payment market to foreign companies.
|The main office of KB Kookmin Card Co. in Seoul (Yonhap)|
Under the plan, KB Kookmin Card will open a representative office in Yangon next month and turn it into a financial corporation that can provide installment finance, credit card and other financial services.
The envisioned entity will first start auto and other consumer finance, expand into the credit loan business based on a localized credit assessment model and seek to enter Myanmar's credit card market over the long haul, it said.
A company official said the move will help KB Kookmin Card accelerate its foray into markets in Indochina.
"KB Kookmin Card's push to enter Vietnam, Cambodia and other countries in Indochina is likely to gather ground following the blessing from Myanmar," the official said. (Yonhap)