SEOUL, Nov. 26 (Korea Bizwire) — South Korean internet-only banks are pulling out all the stops to attract new employees with competition intensifying in the industry. Toss Bank held a shareholder’s meeting on Thursday and decided to offer 600,000 shares in stock options to 30 management employees. The price of the stock options stands at [...]
SEOUL, Oct. 7 (Korea Bizwire) — Despite being granted various benefits as an incentive for innovation, internet-only banks are operating the same way as traditional commercial banks, relying mainly on loans for those with high credit scores, a lawmaker said Wednesday. During a State Affairs Committee meeting at the National Assembly, Rep. Bae Jin-kyo of [...]
SEOUL, Apr. 22 (Korea Bizwire) — A recent study revealed that people who make an average monthly salary of between 4-5 million won (US$3,500-4,400) form the largest group to use internet-only banks, and that white-collar workers are relatively more dependent on these types of financial institutions. The Korea Information Society Development Institute announced on Sunday [...]
SEOUL, Apr. 5 (Korea Bizwire) — In the two years since the launch of the country’s first Internet-only bank, South Korea’s banking sector has moved towards digitalization to better satisfy customers’ growing appetite for convenient and diverse financial experiences. As new Internet-only banks get ready to set sail next year, competition in the industry is [...]
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 [...]
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 [...]
SEOUL, March 16 (Korea Bizwire) — Quick, simple and easy is how a growing number of South Koreans are choosing to handle their transactions, evidenced by a recent study that revealed 51.7 percent of 2,530 adults (ages 25 – 64) use an e-payment service offered by credit card firms, retailers and internet companies such as [...]
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 [...]
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 [...]
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 [...]