South Korean banks eye trust fund market

With South Korea's demographic shift to an aging society, the country's banks are also eager to branch out into the trust fund market here, according to reports. The eagerness of South Korean banks also comes as more Koreans are seeking to manage their assets through trust funds, instead of just the traditional passing of assets through wills. Hana Bank, one of the country's top four commercial banks, rolled out a trust fund, which allows grantors to set aside costs for cremation and to pay for columbarium expenses upon their death. South Korea technically became an ageing society in 2017, when the percentage of those aged 65 or older exceeded 14% of its population.