KB Bank in plans to launch South Korea’s first crypto investment fund

The investment fund will be the first offered by KB Bank to launch South Korea's first crypto investment fund in the country and is expected to include a type of crypto index and ETFs.

KB Bank in plans to launch South Korea’s first crypto investment fund
Kookmin Bank is preparing to become the first bank in South Korea to offer crypto investment products to retail investors. 
 
KB declared on Feb 21. that it had formed a Digital Asset Management Preparatory Committee to determine product and strategy capabilities regarding digital assets and artificial intelligence investment funds. The bank expects to launch crypto exchange-traded funds (ETFs) and futures products. The committee will also assess risk and compliance issues for the investment funds. 
 
The plans were confirmed by KB's Head of index Quant Management Honggun Kim in the official release from the bank. He said, "We will establish a virtual asset-themed equity fund, etc." We intend to publish periodicals as well."
 
KB Financial Group, the country's largest net profit, had approximately $520 billion in total assets as of September 2021 according to the research platform MacroTrends. 
 
The existing plans are to establish a crypto investment index fund and a fund that utilizes an Outsourced Chief Investment Officer (OCIO). even referred to as outsourced investment management, in order to supply guarantees on principal investments. The OCIO fund may be used in retirement pensions. 
 
OCIO that may be considered includes Grayscale and Fidelity Asset Management, each of which offers crypto investment funds. Fidelity Canada launched a spot Bitcoin ETF last December through such a product has yet to be approved in the US. 
 
A new investment fund for its customers, KB is responding to a market that has become increasingly receptive to crypto and nonfungible token (NFT) investment. Shinhan Bank is a competitor that had dedicated an entire section of its mobile banking app to help customers manage their NFT collections on Klaytn
 
KB is now following Singaporean megabank DBS by declaring new retail crypto investment products. Piyush Gupta is the CEO of DBS Bank has declared on Feb 14 that the bank would work to scale its crypto operations in 2022.