Kookmin Bank is gearing up to become the first bank in South Korea to offer crypto investment products to retail investors.

KB announcement on Monday 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 plans to launch crypto exchange-traded funds (ETFs) and futures products. The committee will also assess risk and compliance issues for investment funds.

The plans were confirmed by Honggun Kim, head of KB’s quantitative indices, in the bank’s official statement. He said, “We are going to launch an equity fund on the subject of virtual assets, etc. We also plan to publish periodicals.”

KB Financial Group, the nation’s largest company by net profit, had approximately $520 billion in total assets as of September 2021, according to to the Macrotrends research platform.

Current plans are to launch a crypto investment index fund and a fund that uses an outsourced investment manager (OCIO), also known as outsourced investment management, to provide collateral on core investments. The OCIO fund can also be used in retirement pensions.

OCIOs that may be considered include Grayscale and Fidelity Asset Management, which each offer crypto investment funds. Fidelity Canada launched a cash Bitcoin ETF last December, although such a product has not yet been approved in the United States.

By launching a new investment fund for its clients, KB responds to a market that has become increasingly receptive to investments in cryptos and non-fungible tokens (NFTs). Close competitor Shinhan Bank has dedicated an entire section of its mobile banking app to help customers manage their NFT collections on Klaytn, the country’s leading blockchain.

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KB is now following Singaporean megabank DBS in announcing new retail crypto investment products. DBS Bank CEO Piyush Gupta said on February 14 that the bank will strive to expand its crypto operations in 2022.