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 [...]
SEOUL, Dec. 22 (Korea Bizwire) – Kakao Bank was the most popular banking app among South Korean iPhone users last month, pollster App Annie has found. According to the global mobile app analyst, Kakao Bank had the highest number of monthly active users in November of all mobile banking apps, leaving behind the likes of [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
SEOUL, Aug. 21 (Korea Bizwire) – Security loopholes have been found in the newly launched South Korean internet-only bank Kakao Bank, as a number of cases of identity theft have been reported to the company. According to Kakao Bank on Sunday, up to ten reports were filed after users found out either a bank account [...]
SEOUL, Aug. 11 (Korea Bizwire) — A new survey has that found four in ten users of the new Kakao Bank online banking app have a monthly salary of over five million won. The survey, conducted by pollster Nice RNC, revealed that among 9,600 users of the banking app aged between 20 and 59, those falling [...]
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 [...]