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Two Years On, Internet-only Banks Bring About Changes to Financial Sector

Two Years On, Internet-only Banks Bring About Changes to Financial Sector

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 [...]

Gov’t Lowers Hurdles into Financial Sector for Specialized Firms

Gov’t Lowers Hurdles into Financial Sector for Specialized Firms

SEOUL, Feb. 6 (Korea Bizwire) — More than perhaps any other business sector, the phalanx of rules and regulations guarding the gates into financial services for new entrants has been imposing, a reality the government has decided to change in order to encourage the emergence of more specialized actors. Financial Services Commission head Choi Jong-gu [...]

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 [...]

Kakao Bank Implements 500 Billion Won Capital Hike

Kakao Bank Implements 500 Billion Won Capital Hike

SEOUL, Sept. 5 (Korea Bizwire) – Kakao Bank, South Korea’s second Internet-only bank, implemented a 500 billion won (US$441.9 million) capital increase on Tuesday as a part of a refinancing plan to bolster its lending business. Kakao Bank, launched in late July with paid-in capital of 300 billion won, has attracted about three million accounts [...]

K-Bank Raises Deposit Rate to Fend off Kakao Bank

K-Bank Raises Deposit Rate to Fend off Kakao Bank

SEOUL, Aug. 9 (Korea Bizwire) — K-Bank, South Korea’s first Internet-only bank, said Wednesday it has raised its deposit rate, in an apparent bid to fend off its competitor, Kakao Bank. K-Bank increased the rate it offers on a 1-year time deposit by 10 bps to 2.1 percent, compared with 2 percent offered by Kakao [...]

Kakao Bank’s Usage Yet to Meet Its Size

Kakao Bank’s Usage Yet to Meet Its Size

SEOUL, Aug. 1 (Korea Bizwire) — The Internet-only Kakao Bank has succeeded in starting big, gaining over 1 million clients in just five days following its launch, but how the initial clients are using the service suggests there is room for improvement, industry watchers said Tuesday. Kakao Bank outdid four-months-old K-Bank, the country’s first Internet-only [...]