KB Financial Group, the leading financial services provider in South Korea, said Sunday it has signed a memorandum of understanding with Japanese insurance giant Sompo Holdings with an aim to facilitate collaboration in developing customized nursing care services.

The signing ceremony was held at Sampo’s headquarters in Tokyo on Thursday, with KB Financial Chairman Yoon Jong-kyoo and Sampo Holdings Chairman Sakurada Knego in attendance.

Sompo Holdings is Japan's largest insurance group, comprising 95 subsidiaries in five different sectors of the insurance industry. With approximately 135 trillion won ($104 billion) in total assets, Sompo Japan, the first general insurance company in Japan, and Sompo Care, a specialized care service company, are key subsidiaries of Sompo Holdings.

Under the agreement, KB Financial seeks to learn from the expertise of Sompo Holdings in operating nursing care facilities for senior citizens and offering diverse products and services, such as those for Alzheimer’s patients and their families.

Furthermore, KB Financial’s senior nursing care arm KB Golden Life Care will collaborate with Sompo Care in developing customized care services based on internet of things data analysis.

In return, Sompo plans to expand its business in the Korean market in partnership with KB Financial.

"With this memorandum, we hope that the care service industry in Korea, which is heading toward a superaged society, can advance to the next level,” a KB Financial official said.