HSBC’s first co-branded corporate card launches in Korea

26 March 2021

HSBC launched the first co-branded corporate credit card in Korea, in partnership with Kookmin Card (KB), one of the top Korean card issuing companies, in March 2021.

KB Kookmin HSBC Corporate Credit Card is the first-of-its-kind partnership model for HSBC’s wholesale banking globally, providing a solid archetype to utilise partnership models for future solution propositions not only for Global Payments Solutions (GPS), but for the whole group in general.

HSBC recognised increasing growth opportunities in Korea. With corporate customers looking for a single provider to integrate corporate cards into their broader cash management banking wallet and align them with other payment solutions, the Bank took on the challenge to provide clients with a simpler option.

With regulatory constraints on issuing cards locally, GLCM team pursued an innovative model to partner with a local card issuer to co-brand the corporate card. KB card, one of HSBC’s largest non-bank financial institutional customers in Korea, was selected as a partner in October 2020.

Eunyoung Jung, President & CEO, HSBC Korea, stated, “This milestone initiative will substantially enhance our product offerings for the Global Payments Solutions business in Korea, supporting our multinational customers to optimise their working capital and manage their cash more effectively through a single banking partner. It also represents our strategic efforts to open up a world of opportunity for our customers, based on our extensive global network and unique expertise.”

Anand Mukati, Head of Global Payments Solutions, HSBC Korea shared, “We are seeing significant growth in B2B payments and we are keen on implementing efficient automated processes for our customers through this partnership. We will also support HSBC’s Environment, Social and Governance (ESG) strategy in Korea by donating 1 per cent of HSBC corporate card revenues to HSBC’s sustainability projects in Korea. We also have plans to issue environment-friendly cards made of reusable plastic with our partner KB Card in the near future.

Guided by HSBC’s values and purpose, an entrepreneurial spirit and strong collaboration enabled the team to deliver for our clients and the community.