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Biz News Korea(Eng)
Korea’s second internet-only bank Kakao Bank to begin service in June
- Collected
- 2017.04.06
- Distributed
- 2017.04.07
- Source
- Go Direct
The Financial Services Commission (FSC) on Wednesday gave final regulatory approval to Kakao Bank, noting that bank has met all necessary requirements to open online service based on three-month evaluation on overall banking business including capital- and fund-raising plans, shareholder composition, and data system.
Online banks can offer more favorable rates in both lending and saving than traditional banks through savings in labor and infrastructure.
Kakao Bank becomes the second entry after pioneering K Bank that started service on Monday.
Kakao Bank is expected to open service in late June at the earliest after conducting final check-up of its financial transaction and payment network. Industry insiders note that its core competitiveness will be a diverse range of services based on its KakaoTalk platform. The messaging app has up to 40 million users. Core services offered by the online-only bank include convenient cash and foreign currency transfers through KakaoTalk, mid-interest rate credit loans based on big data, and micro loans to small businesses.
Kakao Bank has 9 shareholders including Korea Investment Holdings Co., KB Kookmin Bank, Netmarble Games Corp., and eBay Inc. Its starting capital is 300 billion won ($266.7 million).
By Chung Ji-sung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]