[비즈한국] JB Financial Group is poised to enter the Indonesian market after finalizing the licensing process for the acquisition of a local financial company. JB Financial is focusing on securing new growth engines through overseas markets, services for foreign residents, and fintech investments. In fact, during the first half of this year, the performance of its capital and overseas subsidiaries offset the sluggishness of its banking sector, making it the only regional financial holding company to avoid negative growth in net profit. As JB Financial pursues strategic investments across multiple fronts, attention is focused on whether this will lead to tangible earnings and regional expansion.
On the 7th, JB Financial announced that it had received approval from Indonesia's Financial Services Authority (OJK) to change the major shareholder of the local credit finance company ‘PT KB Bukopin Finance.’ JB Financial had acquired an 85% stake in KB Bukopin Finance, a subsidiary of PT Bank KB Indonesia Tbk., for approximately 29 billion won through JB Woori Capital in July 2025, and it took a year to successfully obtain the authorities' approval. JB Financial explained, “We have cleared key regulatory procedures with the final approval of local financial authorities,” adding, “Our long-term capital support and growth plan for the entity have been recognized.”
Indonesia's Bank KB Bukopin is a subsidiary of KB Kookmin Bank, originally established as ‘PT Bank Bukopin Tbk.’, which was acquired in July 2018. Kookmin Bank became the largest shareholder after purchasing additional shares in September 2020 and currently holds a 66.88% stake in Bank KB Bukopin following a capital increase.
KB Bukopin Finance is an installment finance subsidiary (99.24% stake) of Bank KB Bukopin, providing corporate finance and working capital loans. As of 2025, KB Bukopin Finance recorded total assets of approximately 92.8 billion won and a net profit of approximately 1.5 billion won. It is headquartered in Jakarta and operates eight branches.
Regarding the acquisition, JB Financial explained, “This is a strategic investment to secure a core hub in Southeast Asia. We will combine our local Indonesian customer and sales networks with the automotive finance, corporate finance, credit assessment, and risk management capabilities accumulated by JB Woori Capital both at home and abroad to balance profitability and financial stability.” In Southeast Asia, JB Financial has already entered the Cambodian, Myanmar, and Vietnamese financial markets.
Following the acquisition of the local financial firm, the company is also finalizing investments in fintech firms targeting the Indonesian market. In 2025, JB Financial signed a new share acquisition agreement to invest in the Indonesian subsidiary of AI fintech company ‘AIZEN.’ AIZEN is an AI financial platform firm that has been providing electric vehicle (EV) financial services across Indonesia through its platform, ‘CreditConnect.’
JB Financial plans to enter the EV finance market in earnest once the investment in AIZEN’s Indonesian subsidiary is completed. By leveraging AIZEN’s data and mobility capabilities alongside the local business foundation of KB Bukopin Finance, the company plans to branch into EV finance for electric bike users, such as loans for purchasing electric two-wheelers and battery financing.
JB Financial has consistently expanded its portfolio through overseas and fintech investments to secure new revenue sources beyond regional finance. The effectiveness of these investments was reflected in its earnings. With a net profit of 385.7 billion won in the first half of 2026, it was the only regional financial holding company to avoid negative growth. With regional banks generally struggling, BNK Financial’s net profit for the first half of the year was 411.8 billion won, and iM Financial’s was 295.6 billion won, marking decreases of 13.5% and 4.4% year-on-year, respectively.
Within JB Financial, JB Woori Capital offset the bank's weakness by generating a net profit of 176.8 billion won, a 34.2% increase compared to the previous year. The net profit of its overseas sub-subsidiary, Phnom Penh Commercial Bank (PPC Bank), also increased by 1.6% year-on-year (from 17.6 billion won to 17.8 billion won). During the same period, the net profit of Kwangju Bank was 146.7 billion won, and Jeonbuk Bank was 94.5 billion won, representing decreases of 1.2% and 19.0% year-on-year, respectively.
JB Financial has indirectly entered markets through strategic investments in various fintech firms. In July 2023, the group secured a 15% stake in the loan brokerage and management firm Finda, becoming its second-largest shareholder. JB Financial cited goals such as strengthening the group’s non-face-to-face business, expanding sales channels for financial products through fintech platforms, and developing new products as the purpose of the Finda investment.
In January 2024, the company secured a 15% stake in Hanpass, a financial platform specialized for foreign residents, and in April of that year, it acquired about 10% of Bizplay, a company specializing in corporate expense management solutions under the Webcash Group. JB Financial has been expanding its financial services for foreign residents centered on Jeonbuk Bank, and its vision is to also expand digital finance for foreigners through Hanpass. It formed a partnership with Webcash Group with the goal of strengthening corporate finance marketing and collaborating with overseas subsidiaries.
The company has also reached into the blockchain market. In September 2025, it invested in AhnLab Blockchain Company (ABC), a subsidiary of AhnLab. AhnLab Blockchain Company acquired a Virtual Asset Service Provider (VASP) license last April, paving the way for the expansion of its virtual asset custody and transfer business.
However, a limitation is that among the firms with which it has strategic partnerships, only Hanpass is profitable. As of the end of 2025, Finda, Bizplay, and AhnLab Blockchain Company recorded net losses of 1.2 billion won, 2.0 billion won, and 3.6 billion won, respectively. In the case of Hanpass, it succeeded in turning a profit in 2024 with a net income of 4.4 billion won and recorded a net profit of 6.6 billion won last year.
While JB Financial is expanding its business areas through equity investments, some analysts point out that the sectors of entry are limited. JB Financial lacks subsidiaries in the insurance, securities, credit card, and savings bank sectors. Kim Kyung-geun, a senior analyst at Korea Ratings, noted, “Because its subsidiary financial sector composition is relatively weak, overall business diversification is less advanced than that of its competitors,” adding, “While it is expanding its operational base and increasing financial products for foreigners through strategic alliances with fintech firms, we will need to observe the extent of actual operational growth through these new channels.”