internet-only bank Archives | Be Korea-savvy
Kakao Bank’s Accounts Surpass 10 mln 2 Years After Launch

Kakao Bank’s Accounts Surpass 10 mln 2 Years After Launch

SEOUL, Jul. 12 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, said Friday it has attracted more than 10 million accounts in about two years since launching operations. Kakao Bank, controlled by Kakao Corp., the operator of South Korea’s dominant messaging app KakaoTalk, started operations on July 27, 2017, quickly gaining popularity among [...]

Regulator Rejects 2 Applications for Online Banks

Regulator Rejects 2 Applications for Online Banks

SEOUL, May 26 (Korea Bizwire) — In an unexpected turn of events, South Korea’s financial regulator on Sunday rejected applications by two consortia to set up the nation’s third and fourth Internet-only banks. One consortium is backed by financial technology firm Viva Republica and the other is led by brokerage Kiwoom Securities. The Financial Services [...]

Gov’t to Consider Granting 3rd Internet-only Bank Permit

Gov’t to Consider Granting 3rd Internet-only Bank Permit

SEOUL, May 2 (Korea Bizwire) — The government will actively consider granting a license to set up the nation’s third Internet-only bank, as part of its efforts to ease entry barriers to the financial sector, officials said Wednesday. Financial Services Commission (FSC) Vice Chairman Kim Yong-beom unveiled a series of measures to soften regulations in [...]

Kakao Bank Attracts 300,000 Accounts on First Day

Kakao Bank Attracts 300,000 Accounts on First Day

SEOUL, Jul. 28 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, said Friday it attracted over 300,000 accounts during the bank’s first day of operations, far outpacing the growth of its competitor and traditional banks. Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, started operations Thursday, in the [...]

S. Korea’s 2nd Internet-only Bank to Begin Operations Thursday

S. Korea’s 2nd Internet-only Bank to Begin Operations Thursday

SEOUL, Jul. 26 (Korea Bizwire) — South Korea’s second Internet-only bank, Kakao Bank, is set to begin operations Thursday, in the latest move by the government to reinvigorate the nation’s banking sector suffering from weaker growth. The planned launch of Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, came after [...]

K Bank’s Success a Wake Up Call to Traditional Banks

K Bank’s Success a Wake Up Call to Traditional Banks

SEOUL, June 27 (Korea Bizwire) – The rapid growth of K Bank is making its rivals nervous, with some bank heads praising the success of Korea’s first internet-only bank as ‘beyond expectations’, and noting that they hope to maintain a good relationship as partners as well as contenders. Speaking to Yonhap News, the heads of major [...]

K-Bank Meets More Than Half of Full-Year Deposit Target in 24 Days

K-Bank Meets More Than Half of Full-Year Deposit Target in 24 Days

SEOUL, April 27 (Korea Bizwire) – K-Bank, South Korea’s first Internet-only bank, has achieved more than half of its full-year target of attracting deposits just 24 days after launching operations, the nation’s financial regulator said Thursday.  The pace of growth in K-Bank’s deposits is much faster than expected and the Internet-only bank is fueling increased [...]

Internet-Only Banks Held Back by Government as Financial Landscape Shifts

Internet-Only Banks Held Back by Government as Financial Landscape Shifts

SEOUL, April. 7 (Korea Bizwire) – K Bank, South Korea’s first internet-only bank that opened Monday after months of anticipation, is already off to a good start, leaving more excitement for the upcoming launch of the second bank of its kind, Kakao Bank.  Over 100,000 locals had opened a K Bank account as of Thursday, [...]