[THE INVESTOR] KB Financial Group said on July 10 it has signed a deal with Bank of Baroda, India’s state-run lender, to forge closer cooperation in mobile payment and trade financing.

The deal, signed in New Delhi, is expected to allow the two financial institutions to work together on building a “digital payment ecosystem” in India, KB Financial said in a statement.

The deal will also help KB Financial raise funds from India’s financial market, according to the statement.

An official at KB Financial said the deal with Baroda will help the Korean group make inroads into India’s banking, credit card and payment sectors.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)