On December 1, an international forum marking the 11th anniversary of the KRW-CNY direct trading market and the establishment of BANKCOMM's RMB clearing bank in Korea was successfully held. The event was jointly organized by BANKCOMM, the Korea International Finance Center, and the Seoul Foreign Exchange Market Association. During the forum, BANKCOMM Seoul Branch signed a strategic cooperation agreement with KB Kookmin Bank to further deepen bilateral financial collaboration and facilitate cross-border payments between China and South Korea.
Key attendees included Tu Hong, Business Director of BANKCOMM; Wang Zhilin, Economic and Commercial Counselor of the Chinese Embassy in Korea; Xi Yu, Director of the RMB System Division at the People's Bank of China; Kim Jae-hwan, Director-General of the International Finance Bureau at Korea’s Ministry of Economy and Finance; and Yoon Kyung-soo, Director-General of the International Bureau at the Bank of Korea. Approximately 300 guests from both countries gathered to discuss cooperation and development opportunities.
**Strategic Agreement Signed Between BANKCOMM Seoul Branch and KB Kookmin Bank** Tu Hong emphasized BANKCOMM’s commitment to advancing RMB clearing services. As the sole RMB clearing bank in Korea authorized by the PBOC, BANKCOMM Seoul Branch has established a robust and efficient RMB clearing system, continuously improving service quality and expanding the depth of the direct trading market. The bank aims to enhance trade and investment facilitation, promote bilateral local currency settlements, and contribute further to China-Korea economic cooperation.
**Recognition for Promoting KRW-CNY Direct Trading Market** Since its establishment in 2014, BANKCOMM Seoul Branch has processed over CNY 125 trillion in RMB clearing volume, ranking among the top globally. Serving as a market maker for the direct trading market for 11 consecutive years, the branch handles approximately 75% of transaction clearing services. Its efforts have significantly increased the proportion of RMB settlements in China-Korea trade, rising from less than 1% before 2014 to a record 11.01% in the first half of 2025.
The Korea Foreign Exchange Market Association acknowledged BANKCOMM’s long-term contributions by awarding it the "Outstanding Contribution Certificate for the KRW-CNY Direct Trading Market."
**Future Commitments** BANKCOMM will continue collaborating with institutions in both countries to strengthen financial connectivity, foster offshore RMB market development, and facilitate cross-border exchanges, providing high-quality financial services to support China-Korea economic relations.
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