Internet-only banks Archives | Be Korea-savvy
Deregulation Brightens Prospects for Internet-Only Banks

Deregulation Brightens Prospects for Internet-Only Banks

SEOUL, Aug. 8 (Korea Bizwire) — Prospects for Internet-only banks’ expansion received a major boost as President Moon Jae-in pledged to ease some regulations that ban nonfinancial companies from owning more than a 4 percent stake in a lender. Moon reversed his campaign pledge to keep the regulations intact Tuesday as he attended a meeting [...]

Kakao Bank Logs Rapid Growth in the Year Since its Launch

Kakao Bank Logs Rapid Growth in the Year Since its Launch

SEOUL, Jul. 23 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, has posted rapid growth in its customer base and assets since its launch a year ago to overtake the country’s smallest regional lender, data showed Monday. Kakao Bank, controlled by Kakao Corp., the operator of South Korea’s dominant messaging app KakaoTalk, started [...]

Internet-only Banks Beat Out Traditional Mobile Banking in Consumer Satisfaction Survey

Internet-only Banks Beat Out Traditional Mobile Banking in Consumer Satisfaction Survey

SEOUL, Dec. 7 (Korea Bizwire) – Internet-only banks like K Bank and Kakao Bank are rated higher in consumer satisfaction than online banking services provided by traditional financial institutions, but trust issues with the online services remain. Consumer satisfaction with internet-only banks was higher in six categories, among them bank fees and interest rates, compared [...]

Woori Launches Mobile-only “WiBee Bank”

Woori Launches Mobile-only “WiBee Bank”

SEOUL, May 26 (Korea Bizwire) — South Korean lender Woori Bank said Tuesday it has launched a mobile-only bank service ahead of establishing an Internet-only bank. Woori Bank’s “WiBee Bank” will serve as a test bed for simplified services that will later be part of its envisioned Internet-only bank unit, the lender said in a press [...]

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 [...]