SEOUL, South Korea — South Korea on Thursday became the latest American ally to announce its intention to join the Asian Infrastructure Investment Bank despite Washington’s qualms about the Chinese-led regional development bank.

The South Korean Ministry of Strategy and Finance said in a statement that Asia needed a new regional source of development money like the Asian Infrastructure Investment Bank because the existing multilateral lenders, like the World Bank and the Asian Development Bank, could not meet the demand for infrastructure investment funds in the region.

The United States has expressed misgivings about the proposed regional lender, which it sees as a threat to the Washington-led World Bank. American officials have also worried that the new bank would lack governance and transparency in enforcing lending, environmental and labor standards.

But in its statement, the South Korean ministry said a founding membership in the regional bank would help expand the country’s influence in the international banking sector. It also said membership would help its companies win deals in large-scale construction, telecommunications, transportation and other development projects in the region.