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 release.
Users can download a mobile application for the service and borrow loans via a non face-to-face channel that certifies the borrower through smartphone cameras.
“WiBee Bank will introduce differentiated products and services. This experience will be helpful in introducing the country’s first Internet-only bank,” said Ko Jung-hyun, head of the lender’s smart finance division.
As part of wider deregulation moves, the Financial Services Commission, the country’s financial regulator, is moving to lift barriers and obstacles that have hampered the growth of fintech firms and Internet-only banks.
The financial regulator is set to announce detailed plans for financial industry reforms in either June or July.