Internet bank Archives | Be Korea-savvy
Kakao Bank Aims to Lead Online Payment Market: co-CEOs

Kakao Bank Aims to Lead Online Payment Market: co-CEOs

SEOUL, Jul. 5 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, aims to eventually lead the online payment market, by taking advantage of its robust mobile ecosystem, the bank’s two co-chief executives said Tuesday. Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, is set to officially begin its [...]

Internet Banks to Innovate South Korea’s Financial Sector

Internet Banks to Innovate South Korea’s Financial Sector

SEOUL, April 3 (Korea Bizwire) – Internet-only banks will promote innovation in South Korea’s financial sector that has been struggling with slower growth and slim margins, the financial regulator head said Monday.  Yim Jong-yong, chairman of the Financial Services Commission (FSC), made the remarks as one of two Internet banks, K-Bank, launched its operations earlier [...]

Kakao’s Internet Bank to Get Final Approval on April 5

Kakao’s Internet Bank to Get Final Approval on April 5

SEOUL, March 30 (Korea Bizwire) – The Internet bank of Kakao Corp., South Korea’s dominant chat app, is expected to win a final regulatory approval early next month, an industry source said Thursday, clearing the final hurdle for Kakao to launch the nation’s second Internet bank.  The Financial Services Commission (FSC) will hold a meeting [...]

Korean FSC Introduces Hand-Scanning Bio-Pay, First 24/7 Internet-Only Banks

Korean FSC Introduces Hand-Scanning Bio-Pay, First 24/7 Internet-Only Banks

SEOUL, Jan. 5 (Korea Bizwire) – The Financial Supervisory Commission announced Thursday that it will introduce a new biometric payment method that will use the veins on the palm of the hand for identification.  According to officials, consumers will be able to make payments by simply having their palm scanned at offline outlets without the [...]

Gov’t Approves S. Korea’s First Internet-Only Bank

Gov’t Approves S. Korea’s First Internet-Only Bank

SEOUL, Dec. 14 (Korea Bizwire) – South Korea’s financial authorities on Wednesday approved a plan to establish the country’s first online-only bank, opening a new chapter in its banking history.  It would mark the first time here in 24 years for a brand-new bank to be born, according to the Financial Services Commission (FSC).  The [...]

Internet-Only Bank Seeks Gov’t Approval for Service

Internet-Only Bank Seeks Gov’t Approval for Service

SEOUL, Sept. 30 (Korea Bizwire) – South Korea’s financial regulatory body said Friday it will soon decide whether to issue a permit for the nation’s first online-only bank.  Two consortiums, one led by KT Corp. and the other by Kakao Corp., are preparing to enter the banking sector with their technical expertise.  KT’s consortium submitted [...]

Internet Banks to Offer New Kinds of “Interest”

Internet Banks to Offer New Kinds of “Interest”

SEOUL, July 7 (Korea Bizwire) – “What is the use of interest rates if they are already too low? Aren’t you tired of entering long account numbers every time you transfer money?” Kakao Bank, an Internet-only bank, held a presentation to discuss its business model and the future of its services on Wednesday, July 6, at [...]

Regulator Unveils Steps for Internet-only Banks

Regulator Unveils Steps for Internet-only Banks

SEOUL, Jun. 18 (Korea Bizwire) — South Korea’s financial regulator unveiled a set of measures Thursday aimed at encouraging big name local IT firms to invest in the Internet-only banking industry with a focus on lowering entry barriers and easing related regulations. Under the measures, Internet-only banks will be off limits to the country’s conglomerates, [...]

Internet Banks to Start Business This Year

Internet Banks to Start Business This Year

SEOUL, April 9 (Korea Bizwire) — South Korea’s financial regulator said Thursday that Internet-only banks are expected to be launched in South Korea in 2015 as it is working on detailed measures to encourage big name IT firms like Naver and Daum Kakao to invest in the online banking industry. Under the current financial laws, a [...]