KB Kookmin Bank enters telecom biz with cheaper subscription plans

Published : Nov 4, 2019 - 16:21 Updated : Nov 4, 2019 - 16:21

Seeking to diversify its portfolio, South Korea’s KB Kookmin Bank said Monday it has launched a low-cost subscription plan for telecom services.

Smartphone users here can register for the company’s LiveM subscription plan on a trial basis. It plans to provide full-fledged, nationwide services next month.

Subscribers can also enjoy the ultrafast 5G wireless services on compatible smartphones such as Galaxy Note 10, according to KB Kookmin Bank.

“We expect the convergence of finance and telecommunications to make us an icon for truly innovative financing,” said KB Financial Group Chairman Yoon Jong-kyu.

KB Kookmin Bank announced its plan to launch LiveM service at an event on Oct. 28. KB Kookmin Bank

While the commercial bank does not operate its own mobile network, it can provide telecom services as a mobile virtual network operator.

MNVOs can use the networks of mobile carriers to provide telecom services at wholesale rates.

KB Kookmin Bank stressed that LiveM offers a cheaper pricing plan compared to those provided by SK Telecom, KT and LG Uplus. The mobile carriers’ cheapest pricing plan starts from 55,000 won ($47.41) for 9 gigabytes per month.

The bank is offering two subscription plans -- 44,000 won for 9 gigabytes per month and 66,000 won for 180 gigabytes a month. Combined with various promotions by other KB affiliates, the cost can be reduced to 7,000 won for 9 gigabytes monthly data, the company said. (jasonyeo@heraldcorp.com)