India’s public sector lender Bank of Baroda and South Korea’s KB Financial Group have signed a memorandum of understanding (MoU) to form a new financing corridor between the two countries.

The MoU will also enable the two parties to undertake comprehensive business cooperation as well as develop a new digital payment eco-system.

Bank of Baroda MD and CEO P S Jayakumar said: “Through this engagement, Bank of Baroda and KB Financial Group will work together on creating a new digital payments ecosystem in India and creating In-Ko corridor for providing reciprocal financial services to Corporate and Retail Clients of Bank of Baroda and KB Financial Group.

“We are committed to work jointly with KB Financial Group by leveraging the potential synergies generated between Bank of Baroda’s diverse domestic network and KB’s business relations with Korean Conglomerates.”

The planned finance corridor is expected to have two segments- corporate and retail.

The Corporate Leg will include corporate finance, trade finance and correspondent banking relationship. It also includes forming a Korean Desk at Bank of Baroda in India.

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The Retail Leg will feature local currency accounts, remittance facilities, digital payment services and loans for consumption and asset purchases.

KB Financial Group, through its subsidiaries, offers various banking and other financial services in South Korea and selected international markets.