[THE INVESTOR] US ride-hailing service provider Uber and banking giant KB Financial Group  have clinched an agreement to accelerate the development of Uber’s upcoming restaurant delivery app in Korea, the firms said on July 24. 

KB’s two key affiliates -- KB Kookmin Bank and KB Kookmin Card-- and Uber signed an agreement in Seoul last week to expand partnership as the US tech giant is gearing up to launch UberEats soon. 

“The partnership will create synergies by combining Uber’s ride-hailing service and businesses with KB’s financial infrastructure,” a spokesperson of KB Bank told The Investor. 

KB Bank, Uber and KB Card execs sign agreement in Seoul

According to a local report, KB Bank is considering giving loans to restaurant and delivery partners for UberEats, as well as utilizing Uber’s location-based services for KB’s financial services. But KB said nothing concrete has been decided yet. 

Marking the partnership, KB Bank and Uber are launching a promotion where customers who exchanged foreign currency of more than 500,000 won (US$447.49) at KB Bank will receive discount coupons of up to 15,000 won to use for Uber ride services in five Asian countries, including Hong Kong, Singapore, Taiwan, Thailand and Vietnam. 

Uber has been speeding up partnership with local premium restaurants in Seoul with plans to launch the service before the year-end. Industry sources expect UberEats to go live in August.

By Ahn Sung-mi (sahn@heraldcorp.com)