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

7-Eleven Benefits From Kakao Bank Effect

7-Eleven Benefits From Kakao Bank Effect

SEOUL, Aug. 23 (Korea Bizwire) – With South Korean internet-only financial institution Kakao Bank continuing to enjoy a significant level of attention, business partner 7-Eleven is benefiting from the online bank’s popularity. In the midst of the surging popularity of Kakao Bank that is sweeping the country, 7-Eleven has emerged as the unexpected beneficiary from [...]

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 [...]