Kakao Bank Archives | Be Korea-savvy
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 [...]

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 [...]

Kakao Bank to Launch 500 Bln Won Rights Offer

Kakao Bank to Launch 500 Bln Won Rights Offer

SEOUL, Mar. 8 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, said Thursday it will launch a rights offering worth 500 billion won (US$467.7 million) by April to beef up its capital. It will be the second time that Kakao Bank, which was launched last July, raised its capital via a rights offer. [...]

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 [...]

Kakao Bank Posts Net Loss of 66.8 Bln Won by End-September

Kakao Bank Posts Net Loss of 66.8 Bln Won by End-September

SEOUL, Nov. 30 (Korea Bizwire) — Internet-only Kakao Bank said Thursday it posted a cumulative net loss of 66.8 billion won (US$61.4 million) by the end of September, hit by higher marketing costs. Kakao Bank, which began operations on July 27, reported a cumulative operating profit of 17.3 billion won by the end of September, [...]

Kakao Bank Says Regulations Likely to Delay Innovation in Banking Sector

Kakao Bank Says Regulations Likely to Delay Innovation in Banking Sector

SEOUL, Nov. 3 (Korea Bizwire) — The head of Kakao Bank, South Korea’s second Internet-only bank, expressed concern Friday that restrictions on ownership of a financial firm by a non-financial company could undermine innovation in the country’s banking sector. “The pace of innovation could slow down unless the restrictions are eased,” Yun Ho-young, one of [...]

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 [...]

Kakao Bank’s Keys to Success

Kakao Bank’s Keys to Success

SEOUL, Aug. 25 (Korea Bizwire) — Only one month after the launch of Kakao Bank, the groundbreaking financial institution still enjoys great popularity, having already attracted some 3 million account holders. Pre-existing banks that had already entered the mobile financial space and K-Bank, the first internet bank in Korea, haven’t been able to draw as [...]