KFTC Korea Financial Telecommunications & Clearings Institute

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1 KFTC Korea Financial Telecommunications & Clearings Institute President s Message 04 KFTC will provide safe and convenient payment and settlement systems for all financial institutions and their customers. Management Philosophy Purpose Vision and Core Values 06 Business 10 International Cooperation Customer Satisfaction Electronic Payment Service Financial Information Service Checks Clearing Service Giro Service Major Plans for Corporate Social Responsibility Management Overview Executives and Head of group Organization General Members, Associate Members and Special Participants History Appendix Statistics Websites Headquarters and Branch Offices

2 President s Message Thank you for your continuous support of, and interest in, Korea Financial Telecommunications & Clearings Institute. KFTC has made great contributions to the development of the national economy and financial industry by developing numerous advanced payment and settlement systems to facilitate fund settlement and information circulation for both financial institutions and customers. Last year, KFTC opened the BankWallet Kakao Service, the FinTech-oriented payment and settlement service, and launched the cross-border remittance service linked with the Financial Information Network. And KFTC enhanced the safety of financial transactions and customer convenience by allowing financial institutions to electronically verify the authenticity of the identification the customer presents, and by strengthening the protection of customer information and payment and settlement information. This year, KFTC will fulfill its responsibilities with an emphasis on expanding the payment and settlement services for financial institutions and customers, strengthening the stability of the payment and settlement systems and information protection, and improving existing payment and settlement operations. Particularly, KFTC will concentrate on improving payment and settlement services by providing the integrated management of information on direct debits from customer accounts, B2B commercial transaction data inquiry services, and next generation web standard based accredited certification services, expanding cross-border ATM and remittance services, and implementing integrated security control. Furthermore, KFTC will make further efforts to promote sharing with neighbors and co-prosperity as a payment and settlement systems operator that fulfills its corporate social responsibilities. I hope this brochure will be helpful for your understanding of the operations and roles of KFTC and I wish financial institutions and all our customers everlasting health and happiness. Thank you. June 2015 President of KFTC Jong-hwa Kim

3 Management Philosophy Purpose Vision and Core Values KFTC will continue to contribute to the development of the finance industry through various payment and settlement systems.

4 Management Philosophy Purpose / Vision and Core Values Purpose KFTC is a payment and settlement systems operator established to contribute to the advancement of the finance industry, such as maintaining and developing sound financial transactions, and enhancing the convenience of financial institutions and customers by establishing the Checks Clearing System and the Giro System and developing the Financial Information Network to facilitate fund settlement and information circulation. Vision and Core Values KFTC s vision is to be the Payment Partner for Maximum Value to Customers. This reflects KFTC s management philosophy that places the highest priority on customers and their benefits by providing the best payment and settlement service for financial institutions and their customers. To realize this vision, KFTC chose Customer Satisfaction, Reliability, Innovation, and Passion as its core values. These are the principles most considered when making decisions and engaging in operations. Purpose Vision Contribute to the advancement of the finance industry by maintaining and developing sound financial transactions and enhancing convenience for financial institutions and customers Payment Partner for Maximum Value to Customers Development and operation of the Financial Information Network Establishment and operation of the Checks Clearing House Customer Satisfaction is to provide services tailored to customer needs based on customeroriented thinking and expertise. Customer Satisfaction Implementation and operation of the Giro System Supporting financial institutions with their individual business needs Main Business Other activities deemed necessary in order to fulfill the purpose of KFTC Development and operation of the computer system for financial institutions Innovation is to cope with changes in the external environment proactively and improve the reality with creative thinking and practice. Innovation Core Values Passion Passion is the voluntary will that aims for the best through active thinking and behavior. Reliability Reliability is to intensify the partnership with General Members based on mutual respect and cooperation and to win trust from customers by providing stable services.

5 Business KFTC provides an intermediary service to enable fund settlement and information exchange between financial institutions and customers through the payment and settlement systems, such as the Financial Information Network, Financial Information Systems, the Checks Clearing System and the Giro System. Electronic Payment Service Financial Information Service Checks Clearing Service Giro Service Major Plans for 2015

6 Business Electronic Payment Service The Electronic Payment Service refers to fund settlement and information exchange intermediary services based on the Financial Information Network linking the computer systems of KFTC and financial institutions. The Financial Information Network includes the CD Network, IFT Network, and HOFINET. The Financial Information Network has been eliminating the space and time limits of the payment and settlement service between financial institutions and customers and contributing immensely to the improvement of efficiency and convenience of financial transactions. Electronic Payment Service CD Network Service KFTC operates the Cash Dispenser(CD) Network to allow customers to use CDs and automated teller machines(atms) of any financial institution around the country regardless of the financial institution they actually trade with. Services provided through the CD network include cash deposits and withdrawals, account transfers, payments of utility bills, and balance inquiries. IFT Network Service KFTC operates the Interbank Fund Transfer(IFT) Network to allow the sender to use any financial institution branch around the country to send funds to the receiver s financial institution regardless of the financial institution the sender actually trades with. Services provided through the IFT Network include cash transfers, cashier s check transfers and its problem inquiries. HOFINET Service KFTC operates the Interbank Home/Firm Banking Network(HOFINET) to allow customers to make account transfers and inquire into financial information using a smart device, PC, and wired/wireless telephone. Services provided through the HOFINET include home/firm banking intermediary services and customer information services. Home/firm banking services allow customers to make an account transfer to another financial institution using the internet banking and mobile banking services of their financial institution. Customer information service allows customers to inquire into a variety of financial information of their financial institutions through telephone (ARS 1369).

7 14 15 BANKPAY Network Service The BANKPAY Network is the account transfer Payment Gateway(PG) Network that KFTC operates to allow customers using electronic commerce to pay for goods and services they purchase in the form of an account transfer. BANKPAY is the brand name of this electronic commerce network based service. The BANKPAY service is available at e-government sites such as the Supreme Court Internet Registry Office and the government s civil affairs portal, public institutions, and online and offline member stores such as Auction and 11th Street. In addition to PC services, the BANKPAY service can be used through smartphones and TVs. Cash Card Network Service KFTC operates the Cash Card Network to allow customers to use the cash cards that they use with CDs/ATMs to pay for goods and services. The cash card boasts excellent security through the use of embedded IC chips, and member stores also benefit from the early settlement of money from sales and low commissions. Stores that accept cash cards are increasing through VAN terminal providers that manage the infrastructure. CMS Network Service KFTC operates the Cash Management Service(CMS) Network to allow companies that trade with many financial institutions to quickly and efficiently receive and pay various funds. Services provided through the CMS Network include the debit transfer service that sends funds from the accounts of a number of customers to the collection account of the company, the credit transfer service that sends funds from the payment account of the company to the accounts of many customers, and realtime account ID inquiries and registration services. K-CASH Network Service KFTC operates the K-CASH Network to allow customers to use K-CASH, electronic cash compatible with all banks, to make small payments. K-CASH is mainly used for public transportation in Gimhae, Chuncheon, Wonju, and Pohang, and can be also used to pay for goods at member stores such as convenience stores. It is also mounted to electronic identification cards for public officials, college students, and military officers to be used conveniently at the cafeteria and convenience facilities to pay for goods, and is also used for meal cards for poorly-fed children. BANKLINE Service KFTC operates the Local Bank Information Network (BANKLINE) to allow the customers of local banks to deposit and withdraw cash and make account transfers between their accounts and another BANKLINE account at another local bank branch. This has the effect of expanding the service network for the six local banks that do not have a nationwide service network. CLS Service KFTC provides the Continuous Linked Settlement(CLS) service by connecting domestic financial institutions with CLS Bank, the American bank exclusively for foreign currency settlements, for domestic financial institutions to avoid settlement risks involved with foreign exchange traded through continuously linked settlements between different currencies. Transactions using the CLS service include spot exchange, forward exchange, and swap transactions in 17 currencies and include US dollars (USD), Euros (EUR), and Korean won (KRW). Foreign Currency Transfer Service in Korea KFTC offers a Foreign Currency Transfer Service in Korea to allow customers holding funds in foreign currency to send the funds from a domestic financial institution to the receiver s account in domestic financial institution in real time and inquire into the results of the transfer immediately. This service covers 21 currencies, including US dollars (USD), Euros (EUR), and Yen (JPY). Smartphone Payment and Settlement Service (BankWallet Kakao) The Smartphone Payment and Settlement Service is the mobile wallet service that combines the BankWallet, the electronic wallet service of banks, and the infrastructure of Daum Kakao Co., Ltd. The service is provided by KFTC through the Financial Information Network. It is a convenient social network based service that allows customers to withdraw cash from any CD/ATM around the country, make online/offline payments, and send and receive funds with Kakao Talk friends after obtaining bank money, the electronic prepaid means compatible with all banks, and a mobile cash card from the bank.

8 Business Financial Information Service KFTC operates the Financial Information Service using the Financial Information Network for financial institutions that need to implement activities jointly with the government and customers, according to its relationship with them or those businesses that require information sharing between financial institutions. KFTC is continuously discovering new services to enhance the convenience of financial institutions and promoting increased efficiency of business between financial institutions. Financial Information Service Accredited Certification Service KFTC offers the Accredited Certification Service to issue and manage accredited certificates, which are used to verify users, prevent financial transaction disputes and the falsification of electronic documents in electronic transactions such as the internet banking. KFTC has been designated as the accredited certification authority by the Ministry of Science, ICT, and Future Planning and has been issuing accredited certificates branded yessign. The yessign certificate can be issued free or with a fee depending on the purpose of use and is widely used in cyberspace for internet shopping mall payments, applications for various civil affairs documents, and much more. OTP Integrated Certification Service The One Time Password(OTP) Integrated Certification Service uses financial institutions OTP generators to create one-time passwords instead of using fixed passwords for each electronic transaction on a PC, smartphone, and so forth. The financial institutions can issue a variety of OTP generators of their choice to the user, and the user can register the OTP generator received from one institution to another financial institution for further use.

9 18 19 Information Intermediary Service KFTC operates the Information Intermediary Service to allow financial institutions to exchange a variety of information that does not directly involve transfers or settlements of funds between themselves or with government institutions. This service includes customer ID authentication at branches, deposit seizures, certificates of payment for stock issues, and corporate audit data issue intermediary services. KFTC also links with external networks such as the trade automation network and the police network for information intermediation. Housing Subscription Service The Housing Subscription Service is designed to manage subscriber accounts to prevent multiple openings of accounts, manage subscription receipts, and housing lottery winners. KFTC has been designated as the electronic housing subscription management authority by the Ministry of Land, Infrastructure and Transport. Subscribers can check their subscription status and lottery results through internet sites (www.apt2you.com, m.apt2you.com), and the lottery winner information is also available through telephone (ARS 1369). Retirement Pension Service The Retirement Pension Service maintains the records of retirement pension subscription information, the status of reserved funds, and allows different retirement pension providers to exchange information on the sales of principal and interest-protected financial instruments. KFTC compiles management instructions for retirement pension subscribers and institutions and sends them to asset management institutions and provides the intermediary service of exchanging electronic documents for retirement pension providers to manage principal and interest-protected instruments. Integrated Direct Debit Information Management Service Through the Integrated Direct Debit Information Management Service, KFTC manages the direct debit registration information held by financial institutions and the evidence of consent for withdrawal received from the payer by the collecting institution. This is the debit transfer service according to the Electronic Financial Transaction Act, and the payee, such as the collecting institution (Giro, CMS, firm banking users), regularly withdraws funds from the payer s account. The customers can inquire, cancel, or update all their direct debit information registered to all financial institutions and peruse the evidence for the consent to withdrawal. Financial Standardization Service The Financial Standardization Service is offered to standardize the technology, methods, procedures, and systems for providing financial services. KFTC has been designated as the standard development cooperation authority by the Korean Agency for Technology and Standards of the Ministry of Trade, Industry and Energy and has been managing the national standards in the finance sector. KFTC has been also designated as the exclusive authority for financial standards by the Committee of Financial Informatization Promotion, and has been engaged in selecting standardization targets and developing standards. Also, KFTC has been participating in international standardization as the domestic secretary agency for the banking and financial security category of the International Organization for Standardization (ISO). Other Value Added Services KFTC offers a variety of services to promptly respond to market needs, such as the Card Value Added Network(VAN) Service, which intermediates between credit card member stores and financial institutions through the telecommunication network to allow customers to pay for goods and services with a credit card, the BillingOnePlus Service, which is the integrated collection management service supporting the collection and payment work of institutions using Giro and CMS, and the Nara Bill Service, which is the online claim service for commercial transaction payments. KFTC also offers the Giro Electronic Data Interchange(EDI) service that sends and receives Giro related data online, the electronic payment service for Local Educational Finance which intermediates for fund transfers between educational institutions and banks in relation to tax revenue and expenditure, the Bond Information Intermediary Service which intermediates between banks, the Supreme Court, and the Public Procurement Service in relation to the information of national housing bonds and regional development bonds, the Phone ATM Service, which allows the user to insert cash cards into the internet phone to make an account transfer and inquire into transaction details, and the computer backup service for the development and operation of the computer system in relation to the disaster recovery of individual financial institutions.

10 Business Checks Clearing Service Through the Checks Clearing Service, financial institutions around the country exchange bills/checks issued by other financial institutions that they receive from customers and settle the amount at the Seoul Checks Clearing House of KFTC by electronic method. In addition to the traditional Checks Clearing Systems, KFTC operates the Electronic Bills/Bonds System and the Electronic Credit Sales Bonds System. Checks Clearing Service Electronic Bill Management Service An Electronic Bill is a promissory note issued by companies and so forth for online use and is the electronic means of payments issued, endorsed, and settled in the form of an electronic document. KFTC has been designated as the electronic bill management authority by the Ministry of Justice in accordance with the Issuance and Distribution of Electronic Bills Act, and has been operating the Electronic Bill Management System for the registration and management of electronic bills. Electronic bill users can prevent losses and falsification of the bills, reduce the cost of issuing, circulating, and managing paper bills, and enhance transparency in corporate accounting. Electronic Bond Management Service An Electronic Bond is issued by purchasing companies as a promise to pay a fixed amount within a fixed period of time to the creditor, which becomes the selling company, and it is an electronic means of payment used to settle payments for commercial transactions between companies through the internet. KFTC has been designated as the electronic bond managing authority by the Financial Supervisory Service in accordance with the Electronic Financial Transactions Act, and has been registering and managing electronic bonds with the Electronic Bond Management System. An electronic bond is issued and settled through internet to eliminate the risk of loss and falsification, and the selling company can take out a bank loan against the electronic bond before the bond expires. Electronic Credit Sales Bond Information Management Service An Electronic Credit Sales Bond is the means of payment similar to an electronic bond, and is a service for individual banks, meaning that it can be issued and settled when the bank of both the purchasing company and the selling company are the same. KFTC operates a system that registers and manages all bank bonds issued and settlement information and allows banks to use the information in order to promote the smooth settlement of electronic credit sales bonds. Bill Information System KFTC developed the Bill Information System to help banks monitor the bill issuers to minimize the adverse effects of bill transactions due to bill abuse and forgery. The system is managing the delivery, issue, and payment information of the bill. When the bill issuers register the issue of a promissory note worth at least 10 million won in face value to the system through the internet, the bill holders can inquire into the details of the bill issue and whether the issuer s current account transaction is suspended or not through the website (www.knote. or.kr) and telephone ( 1369). Management of Dishonored Bills/Checks and Bank Transaction Suspension When a bill/check legitimately presented at a bank becomes unpayable due to a lack of sufficient funds in the issuer s account or the nonexistence of the issuer s account, the corresponding bank sends the information of the dishonored bill/check and its issuer to KFTC for intensive management in order to establish the order for sound financial transactions and promote a smooth checks clearing process. The financial institution uses the information of the dishonored bill/check and the disposition of the transaction suspension notified by KFTC for customer credit ratings, credit, and financial transactions.

11 Business Giro Service The Giro is a credit and debit transfers service that KFTC offers to handle large-volume deposits and withdrawals to settle payments that take place in ordinary transactions between payers and payees using the accounts of financial institutions instead of cash or checks. KFTC operates as the collection and payment information processing center to ensure the payment is precisely withdrawn from the payer s account and deposited to the payee s account. The Giro service is divided into Paper-based Giro, Electronic Giro, and Internet Giro Services. Paper-based Giro Service Through the Paper-based Giro Service, the institution that uses the Giro service notifies customers of the payment details using the Giro bill, and customers pay the bills through the internet banking site, CD/ATM, wired/wireless telephone, and the internet Giro site, and KFTC makes a batch transfer of the total amount collected to the institution. This service is applied to electricity bills, telecommunications bills, insurance bills, taxes, gas bills, newspaper bills, various subscription fees, and donations. Giro Service Electronic Giro Service The Electronic Giro Service is the batch collection and payment service upon the request of the institution using the Giro service or of the customer, and is divided into Direct Debit, Standing Order, and Direct Deposit. The Direct Debit is used to withdraw a payment that the institution needs to collect regularly from the payer s account and deposits the total payment to the institution s account in a batch on a specified date. The Standing Order is used to withdraw a fixed amount from the applicant s account regularly each month and deposit the amount to an account specified by the customer for various installment savings, subscription fees, and the payment of principal and interest of loans. The Direct Deposit is used to withdraw the payment amount from the account of the institution and deposit into the accounts of a number of receivers for salary, dividends, and pension payments. Internet Giro Service The Internet Giro Service allows customers to inquire and pay invoices for national tax, local tax, various utility bills, and regular Giro bills through the internet(www.giro.or.kr), CD/ATM, etc. The institution that uses the Internet Giro Service can increase efficiency and reduce costs in collecting and handling payments. Customers can conveniently make payments at home or in the office using a smart device, PC, or wired/wireless telephone without visiting the branch of the financial institution and may also pay national tax, customs duty, and even local tax with a credit card, in addition to making account transfers.

12 Business Major Plans for Development of counterstrategies applied to the entire financial industry to cope with the expansion of FinTech Develop counterstrategies for intensifying the competitive edge of financial institutions and coping with the expansion of FinTech Establishment of an integrated Direct Debit information management system Develop an integrated management system for documentary evidences for payer s consent to Direct Debit in order to enhance the safety and reliability of the debit transfer Development of a B2B commercial transaction data inquiry system Develop a B2B commercial transaction data inquiry system concerning companies tax invoices issue information and repeated use information in order to prevent illegal loans using false tax invoices Enhancement of the BankWallet Kakao Service Develope new and additional services for the stable operation of the SNS-based mobile wallet service compatible with all banks, BankWallet Kakao, and to expand its applications Major Plans for 2015 Provision of the next generation web standard based Accredited Certification Service Promote the provision of the next generation web standard (HTML5) based Accredited Certification Service that can be used in various web browsers and wired/wireless devices without plug-in programs such as ActiveX

13 International Cooperation International Service and Exchange KFTC is engaging in the program of sharing the technology and knowhow coming from the development and operation of the world s leading payment and settlement systems to underdeveloped countries, and provides cross-border ATM and remittance services linking other countries's payment and settlement system networks. Furthermore, KFTC is continuously promoting exchange with related institutions overseas for the advancement of the payment and settlement system.

14 International Cooperation International Service and Exchange International Service and Exchange Knowledge Sharing Service This service is seeking to share tangible and intangible knowledge and capabilities related with the development, and operation of the payment and settlement system with relevant institutions around the world based on the experience, technology, and knowhow that KFTC has accumulated through the development and operation of centralized payment and settlement systems. KFTC offers the Knowledge Sharing Service through the support of the government of the Republic of Korea and the Bank of Korea for countries that wish to modernize their payment and settlement systems. Cross-border ATM and Remittance Service The need for inexpensive and safe remittance and money exchange is expanding with the rapid increase in overseas travel and exchange among countries and migrant labor around the world. The cross-border service is provided by KFTC through linking payment and settlement systems among countries and it comprises the cash withdrawal and balance inquiry service at any ATM and the cross-border remittance service at any financial institution. KFTC will not only add new services, such as the purchase intermediary service, but also lower the dependence on the global payment and settlement networks (Visa, Master, SWIFT, etc.) by continuously expanding the scope of the service and improving the competitiveness of the service. Current Status of the Cross-border Service Type Country Service Participating Bank Service Open Cross-board ATM Cross-border Remittance Malaysia Cash Withdrawal HongLeong Bank, CIMB, RHB 2010 USA Cash Withdrawal / Balance Inquiry NYCE Member Bank (Approximately 3, 000) The Philippines Cash Withdrawal BDO, Encash, UCPB, Union Bank along with 58 banks Vietnam Thailand Cash Withdrawal / Balance Inquiry Cash Withdrawal / Balance Inquiry Agribank, Sacombank, ACB, SaigonBank, AB Bank, Vietin bank, SeABank, HD Bank, BIDV TMB, UOB, KTB, ThanachartBank, KBank Vietnam Overseas Transfer Vietin bank, AB Bank, GP Bank 2014 The ATM Service will open in Australia and Indonesia and the Remittance Service will be provided in Thailand, Indonesia, and Malaysia this year Outcomes of Knowledge Sharing Consulting Type Country Period Details State Bank of Vietnam 1999~2000 Development of an inter-bank system Development Development of the Real-time Gross Central Bank of Nigeria 2003~2004 Settlement System for the central bank Feasibility Study Knowledge Sharing Program Bank of Lao PDR Bank of Mongolia 2011 National Bank of Moldova Central Bank of the Philippines 2012 Central Bank of Armenia 2013 National Bank of Cambodia 2014 National Bank of Moldova 2014 Consulting for the analysis of payment and settlement system status and strategies for modernization Consulting for the establishment of a Moldova payment institution Overseas Exchange Program KFTC is exchanging with central banks, commercial banks, and other payment and settlement system operators around the world, striving for mutual development by sharing payment and settlement related information and experience of operation. The interest in, and expectations for, cross-border cooperation and promotion of joint programs in relation to payment and settlement services have increased with the beginning of the global era, and KFTC has been coping with such interest and expectations with flexibility. Exchange Status Year Country 2010 Laos, Kazakhstan, Thailand (3) 2011 The Netherlands, Laos, Mongolia, Cambodia (4) 2012 The Netherlands, Laos, Moldova, Mongolia, Sudan, Surinam, Seychelles, Uzbekistan, Indonesia, Kazakhstan, Kyrgyzstan (11) 2013 Moldova, Vietnam, Armenia, Azerbaijan, Uzbekistan, Zambia, Cambodia, Costa Rica (8) 2014 The Netherlands, Moldova, Mongolia, Myanmar, Cambodia, Thailand, the Philippines (7)

15 Customer Satisfaction Customer Service Charter Customer Satisfaction Activities KFTC is sparing no efforts to provide payment and settlement services that satisfy its customers based on the vision to be the Payment Partner for Maximum Value to Customers.

16 Customer Satisfaction Customer Service Charter / Customer Satisfaction Activities KFTC is engaged in its operations based on the following resolutions in order to develop and provide customercentered payment and settlement services to enhance customer financial convenience. Customer Service Charter Customer Satisfaction Activities KFTC will provide customers with the best payment and settlement services by operating payment and settlement systems essential to the national economy, such as Financial Information Network, Checks Clearing and Giro System, stably and efficiently. KFTC will actively develop and provide payment and settlement services that respond to the various needs of its customers. Customer Service Charter KFTC will provide customers with more convenient and faster and advanced payment and settlement services suitable for the 21st century through the continuous R & D of new payment and settlement services such as Internet Giro, K-CASH, PG, and B2B. KFTC will operate based on the ethos of providing a service that puts customers first by always listening to its customers. KFTC s vision for customer satisfaction is to become the Payment Partner for Maximum Value to Customers With this vision, KFTC is promoting customer satisfaction activities by establishing the strategies for customer satisfaction and the plans to implement them. Also KFTC is periodically monitoring the payment and settlement service and internal and external customer satisfaction levels and reflecting the results in its operations in order to continuously improve and develop customer satisfaction activities. Customer Satisfaction Implementation Organization/ Process Customer satisfaction leader council VOC-based improvement process Management of Customer Contact Point/Channel Customer service center Online channel (homepage, ) Offline channel (document, post, visit) Customer Satisfaction Activities Establishment of Vision for Customer Satisfaction Integrated collection and handling of VOC Analyzing and sharing VOC Deriving improvement issues from VOC Customer Satisfaction Competency Training Basic customer satisfaction training Intensive customer satisfaction training Deriving an autonomous learning system

17 Corporate Social Responsibility CSR Policy / CSR Activites Corporate Social Responsibility Goal Direction Strategy CSR Policy A payment and settlement systems operator fulfilling corporate social responsibilities Practice Community Service and Sharing Sponsoring of Needy Neighbors Co-prosperity and mutual growth with society Contributions to the Local Community One-company, One-farming Village Initiative CSR Activites CSR Policy CSR Activites Sponsoring of Needy Neighbors KFTC is donating to social welfare organizations to send out a little help to neighbors in need and also participating in the noble intent of saving lives through annual group blood donation. Contributions to the Local Community With its own volunteer service group, KFTC is playing a part in building the community that shares and cares for the needy neighbors in local society through various programs including the delivery of side dishes, briquettes and rice to the poor. One-company, One-farming Village Initiative KFTC set up a sisterhood relationship with Gangok Village in Goesan-gun, Chungcheongbuk-do, and the employees of KFTC are helping farmers during the busy season, dealing directly agricultural products, and improving the village environment. As a payment and settlement systems operator fulfilling corporate social responsibilities, KFTC has been actively participating in various community services, including sponsoring of needy neighbors, contributions to the community to build a community of sharing and caring. Briquette Delivery Group Blood Donation Volunteer Work for Farming Villages Chuseok Gift Sharing

18 Management Overview Executives and Head of group Executives and Head of group KFTC executives are comprised of the president, deputy president, auditor and managing directors. Managing directors are in charge of each business group. Management Overview Executives and Head of group Organization President Jong-hwa Kim Deputy President Dong-won Shin Auditor Moon-yearn Hwang General Members, Associate Members and Special Participants History Managing director & Head of the Administration Strategy Group Jong-kyu Lee Managing director & Head of the Financial Information Network Group Kwang-hun Park Managing director & Head of the IT Group Chang-hyun Han General manager & Head of the Information Security Group Hwa-gun Cho Managing director & Head of the e-business Group Young-joon Kim

19 Management Overview Organization / General Members, Associate Members and Special Participants Organization General Members, Associate Members, and Special Participants The top decision-making body of KFTC is the general meeting, which is comprised of the representatives of general members, and it has a board of directors as the legislative organization deciding on business implementation policies. The board of directors is comprised of the president of KFTC, deputy president of KFTC, and 8 non-permanent directors. 12 committees are also operated to deliberate on major agendas of the general meeting and the board of directors. KFTC comprises 5 groups and 19 departments. The Bank of Korea and banks pursuant to the Bank Law are eligible to become general members, associate members, or special participants of KFTC and participate in KFTC s business activities. Non-banking institutions that are engaged in the financial industry or finance-related businesses can also become special participants by obtaining approval at the general meeting. General Members (11) The Bank of Korea, the Korea Development Bank, Nonghyup Bank, Shinhan Bank, Woori Bank, Standard Chartered Bank Korea, Hana Bank, Industrial Bank of Korea, Kookmin Bank, Korea Exchange Bank, Citibank Korea General Meeting: Composed of all 11 General Members Governor of the Bank of Korea, Chairman & CEO of the Korea Development Bank, President & CEO of Nonghyup Bank, President & CEO of Shinhan Bank, President & CEO of Woori Bank, President & CEO of Standard Chartered Bank Korea, President & CEO of Hana Bank, Chairman & CEO of Industrial Bank of Korea, President & CEO of Kookmin Bank, President & CEO of Korea Exchange Bank, Chairman & CEO of Citibank Korea Board of Directors: Composed of KFTC President, KFTC Deputy President, 7 General Members, and 1 Associate Member President of KFTC, Deputy President of KFTC, Deputy Governor of the Bank of Korea, Executive Vice President of the Korea Development Bank, Executive Vice President of Shinhan Bank, Managing Director of Standard Chartered Bank Korea, Managing Director of Hana Bank, Managing Director of Kookmin Bank, Managing Director of Korea Exchange Bank, Head of Division of Kwangju Bank 12 Committees: Composed of General Managers of KFTC, 7 General Members, and 1 Associate Member Planning Committee, Checks Clearing Committee, B2B Committee, Giro Committee, Electronic Banking Committee, Financial Information Network Committee, Joint Electronic Data Processing Committee, Foreign Exchange & Trade Committee, Housing Subscription Committee, Digital Certification Committee, CMS Committee, Financial Information Management Committee Associate Members (10) The Export-Import Bank of Korea, National Federation of Fisheries Cooperatives(NFFC), Daegu Bank, Busan Bank, Kwangju Bank, Jeju Bank, Jeonbuk Bank, Kyongnam Bank, Korea Credit Guarantee Fund, Korea Technology Finance Corporation Special Participants (59) Non-bank Depository Institutions (7) Korea Post, National Agricultural Cooperative Federation, Member Cooperatives of NFFC, Korea Federation of Savings Banks, Korean Federation of Community Credit Cooperatives, National Credit Union Federation of Korea, National Forestry Cooperative Federation Foreign Banks (12) The Hong Kong and Shanghai Banking Corporation Ltd., Deutsche Bank AG, The Royal Bank of Scotland PLC, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Corporate Bank, Ltd., Bank of America National Association, JPMorgan Chase Bank, Morgan Stanley Bank, Bank BNP Paribas Seoul Branch, Industrial and Commercial Bank of China Ltd, United Overseas Bank Plaza, and Bank of China Ltd. Public Institution (1) Korea Housing Finance Corporation Finance Investment Companies (30) Kyobo Securities Co., Ltd., Daishin Securities Co., Ltd., Daewoo Securities Co., Ltd., Dong Bu Securities Co., Ltd., Meritz Securities Co., Ltd., Mirae Asset Securities Co., Ltd., Bookook Securities Co., Ltd., Samsung Securities Co., Ltd., Shinyoung Securities Co., Ltd., Shinhan Investment Corp., SK Securities Co., Ltd, NH Investment & Securities, LIG Investment & Securities Co., Ltd., Yuanta Securities Co., Ltd., Eugene Investment & Securities Co., Ltd., ebest Investment Securities Co., Ltd., Kiwoom Securities Co., Ltd., Hana Daetoo Securities Co., Ltd., Hi Investment & Securities Co., Ltd., Korea Investment & Securities Co., Ltd., Hanwha Investment & Securities Co., Ltd., Hyundai Securities Co., Ltd., HMC Investment Securities Co., Ltd., Golden Bridge Investment & Securities Co., Ltd., Leading Investment & Securities Co., Ltd., Hanyang Investment & Securities Co., Ltd., BNK Investment & Securities Co., Ltd., KB Investment & Securities Co., Ltd., KTB Investment & Securities Co., Ltd., and IBK Investment & Securities Co., Ltd. Insurance Companies (3) Seoul Guarantee Insurance Co., Ltd., Samsung Life Insurance Co., Ltd., Heungkuk Life Insurance Co., Ltd. Other Institutions (6) Woori Investment Bank, Korea Securities Finance Corporation, Samsung Futures, KEB Futures, Hyundai Futures, Fund Online Korea

20 Management Overview History History April March August 2001 HOFINET 2002 Electronic bonds management system 2002 TrusBill service December 2004 CLS service September 2005 Electronic bill management system December 2005 Retirement pension record-keeping (RK) center November 2008 NaraBill, online billing service February 2009 Bill information system December 2009 Electronic credit sales bonds management system June October 2010 BillingOnePlus service 2010 Foreign currency transfer service in Korea December 2010 Cross-border ATM service March 2011 Integrated system for local tax collection November 2011 yessign plus service November 2012 Cash card payment service November 2012 Smartphone-based mobile payment and settlement service December 2012 Financial App Store service October 2013 Electronic bank guarantee issue and inquiry service December 2013 Electronic revenue stamp service December 2013 Corporate audit data issue intermediary service August 2014 Customer ID verification service November 2014 BankWallet Kakao service December 2014 Cross-border remittance service June July April 1986 KFTC established (by merging the National Clearing House and the Korea Bank Giro Center) 1988 CD Network 1989 ARS Network December 1989 IFT Network April 1994 Standing order service March 1996 Credit card VAN service May 1996 CMS Network June 1997 BANKLINE March 2000 Housing Subscription service March 2000 Internet Giro service July 2000 K-Cash Network September 2000 yessign service December 2000 BankPay service 2000 s 2010 s 1980 s 1990 s

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